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Air France-KLM is a European airline group engaged in businesses that include passenger and cargo transportation, low-cost operations, and aircraft maintenance. The group has four segments: network, maintenance, Transavia, and other. The network segment derives key revenue that includes the passenger and cargo network, mainly coming from passenger transportation services on scheduled flights with the group's airline code. The company's geographic markets include France, Benelux, Europe, and the rest of the world, with the majority of revenue coming from France, including its overseas division.

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Air France-KLM Group (OTC: AFLYY) said Tuesday that the bungled rollout of a new cargo IT system in March contributed to lower revenues during the first quarter, which in turn acted as a drag on earnings for the corporation.

The joint venture reported cargo revenues fell 16.5% year over yea

Cargo IT Meltdown Hits Air France-KLM Earnings

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Brazilian low-cost airline GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL) said it had received approval to access a newly developed credit insurance policy.

Brazilian Low Cost Airlines GOL Linhas Aéreas Inteligentes Secures Access To Engine Financing

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CPCAF

ESYJY

FNNNF

In response to the recent Hamas militant assault on Israel, numerous global airlines have reportedly suspended their flights to Tel Aviv, citing security concerns, and will await safer conditions before restarting their services.

Several Airlines Hit Pause On Tel Aviv Amid Rising Tensions: Report

Air France-KLM

<div>Air France-KLM Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) said Tuesday that the bungled rollout of a new cargo IT system in March contributed to lower revenues during the first quarter, which in turn acted as a drag on earnings for the corporation.</div>

The joint venture reported cargo revenues fell 16.5% year over year to 562 million euros ($602.3 million) even as traffic in revenue ton kilometers — a measure of revenue generation based on how much cargo is carried times distance — increased 4%. More broadly, the company's operating loss widened to $524 million compared to $333 million a year ago, partly due to operational disruptions and slower cargo business.

The Air France-KLM Group operates six cargo jets: KLM's three Boeing 747-400 production freighters, Martinair's one 747-400 converted freighter and Air France's two 777-200s. The Air France and KLM cargo divisions also manage shipments carried by their large passenger fleets.

Lower cargo revenues were attributed to a 26% decrease in yield and problems implementing new software at Air France's main warehouse at Paris Charles de Gaulle Airport.

<div>
Air France began migrating customers to a new cargo management system in early March but quickly experienced problems, according to a notice on the Air France-KLM-Martinair Cargo website last month. The airline was forced to stop accepting new bookings to, from and via the Paris hub for nearly two weeks. Dangerous goods and transshipments moving on passenger aircraft were embargoed from Paris for several more days because their specialized characteristics required extra programming.
</div>

Customer shipments were stranded at the cargo terminal because Air France couldn't identify many of them while the system wasn't working smoothly.

The situation resembled one faced by Qantas Freight in Australia last year after problems switching over to a new cargo platform caused shipment backlogs for several weeks at airport terminals.

Global air cargo demand increased 11% during the first quarter, exceeding capacity growth, behind strong e-commerce activity out of Asia and a mode shift related to Red Sea shipping disruptions. Air France-KLM said it wasn't able to take full advantage of the positive market conditions because of low capacity in China and payload restrictions on Asian flights due to the Russian airspace closure, which forces aircraft to carry more fuel.

<div>
The cargo division's first-quarter revenue still represents an improvement from last year, when sales fell 29%. During the fourth quarter, cargo revenue fell 23% from the same period in 2022. And it's on par, on a percentage basis, with American Airlines and Delta Air Lines, which saw revenues decline 15% and 16% year over year, respectively. The U.S. airlines, however, don't operate cargo jets.
</div>

Air France-KLM said load factors were essentially flat at 47%.

In January, Air France-KLM and CMA CGM Air Cargo, based in Paris, pulled the plug on their one-year alliance to share cargo capacity. They said the tight regulatory environment in the U.S. and other markets prevented the cooperation from working optimally.

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The post <a href="https://www.freightwaves.com/news/cargo-it-meltdown-hits-air-france-klm-earnings">Cargo IT meltdown hits Air France-KLM earnings</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

Brazilian low-cost airline&nbsp;GOL Linhas A&eacute;reas Inteligentes S.A.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gol#NYSE">GOL</a>) said it had received approval to access a newly developed credit insurance policy.
The policy has been laid out with the support of the Executive Secretariat of the Chamber of Foreign Trade (SE-Camex) and backed by the Export Guarantee Fund (FGE).&nbsp;
The facility can be used to avail maintenance services provided exclusively in Brazil by the GE-Celma MRO maintenance unit.
It also allows GOL to access third-party credit lines of up to $ 209 million to finance the maintenance of its CFM56-7B engines.
The Company reported a&nbsp;<a class="editor-rtfLink" href="https://api.mziq.com/mzfilemanager/v2/d/5e992a5e-252e-44bd-acfa-11cbee904064/98befd7d-6dd0-4bb3-70dc-50b94ff1b030?origin=1" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">third-quarter FY23 revenue growth of 16.4%</a>&nbsp;year-on-year to R$4.7 billion. The number of passengers transported increased by 16.4% to 8.1 million.
Q3 EBITDA was R$1.25 billion, with an EBITDA margin of 26.8%.&nbsp;
The Company has the lowest unit cost in Latin America, and has alliances with&nbsp;American Airlines Group Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aal#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAL</a>) and&nbsp;Air France-KLM&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aflyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AFLYY</a>).
Price Action: GOL shares are trading lower by 0.25% at $3.72 on the last check Tuesday.
Photo via Wikimedia Commons

In response to the recent Hamas militant assault on Israel, numerous global airlines have reportedly suspended their flights to Tel Aviv, citing security concerns, and will await safer conditions before restarting their services.
The act by Hamas on Saturday resulted in the tragic loss of 700 Israeli lives and the capture of several individuals, marking the most devastating attack since the Yom Kippur war five decades prior, leading Israel to launch a counteroffensive against the Gaza region in Palestine, reported Reuters.
Major American carriers, including&nbsp;United Airlines Holdings, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>),&nbsp;Delta Air Lines, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dal#NYSE">DAL</a>), and&nbsp;American Airlines Group, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aal#NASDAQ">AAL</a>), reportedly announced the suspension of their direct flights.
European airlines such as&nbsp;Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>)&nbsp;&nbsp;and Finland&#39;s&nbsp;Finnair Oyj&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/fnnnf#OTC">FNNNF</a>) have also reportedly temporarily halted their services to Tel Aviv.
Typically, these U.S.-based airlines operate direct routes from prominent cities, including New York, Chicago, Washington, DC, and Miami.
The report noted that United clarified its stance by mentioning that while it did operate two flights from Israel to the U.S. late on Saturday and early Sunday, the current situation prompted a pause in services.
The report further added that Delta has also affirmed the cancellation of its flights &quot;into this week&quot; and will adjust schedules based on the evolving conditions.
EasyJet Plc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/esyjy#OTC">ESYJY</a>) of Britain reportedly joined in by announcing the suspension of its flights on Sunday and Monday, hinting at potential changes in flight schedules for the days to come.
The report added that Hainan Airlines, the sole Chinese airline offering flights between Israel and China, called off its Tel Aviv-Shanghai flights for Monday due to the security landscape in Israel.
Cathay Pacific Airways Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/cpcaf#OTC">CPCAF</a>) has also canceled its Hong Kong-Tel Aviv route for Tuesday, with updates expected for the next flight on Thursday. Meanwhile,&nbsp;Korean Air Lines Co Ltd&nbsp;axed its Monday service from Incheon to Tel Aviv, projecting unpredictable scheduling for subsequent flights, the report added.
Price Action: UAL shares are trading down by 2% in premarket at $40.98 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Airbus SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsy#OTC">EADSY</a>) delivered 52 airplanes to 34 customers in August, with gross orders totaling 117 in the month.
The company&#39;s year-to-date deliveries totaled 433 airplanes to 77 customers.
Airbus registered 1,218 net orders in the year&#39;s first eight months of 2023, after 39 cancellations. Gross orders so far this year totaled 1,257.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34211293/airbus-scores-double-win-germany-orders-2-h145-helicopters-to-strengthen-police" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Airbus Scores Double Win: Germany Orders 2 H145 Helicopters To Strengthen Police</a>
Year to date, the largest orders were from&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32918460/its-official-airbus-confirms-500-a320-family-aircraft-order-from-indigo" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">India-based airlines Indigo and Air India.&nbsp;</a>
August deliveries were slower than last month, when Airbus&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33570925/airbus-delivers-65-airplanes-to-36-customers-in-july" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">delivered&nbsp;</a>65 airplanes to 36 customers in July, with gross orders totaling 60.
The European plane maker and&nbsp;Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/afrad#OTC">AFRAD</a>) have recently&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34226368/high-flying-partnership-air-france-airbus-in-talks-to-form-jv-for-a350-component-maintenance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">entered exclusive negotiations</a>&nbsp;to establish a joint venture to provide Airbus A350 component maintenance services worldwide. Under the JV pact, Air France and Airbus will transfer aircraft components assets belonging to both partners into the joint venture&#39;s pool.
Price Action:&nbsp;EADSY shares closed 0.14% higher at $35.91 on Wednesday.
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AFRAD

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EADSY

Airbus Delivers 52 Airplanes To 34 Customers In August

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/09/34236532/why-facebook-news-is-shutting-down-in-europe-what-it-means-for-users" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Why Facebook News is Shutting Down in Europe: What It Means for Users?</a>
<ul>
<li>Meta Platforms Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) announced a significant development regarding&nbsp;Facebook News&nbsp;in the U.K., France, and Germany. The dedicated news tab on Facebook, known as Facebook News, will cease to exist in early December.</li>
<li>The move is part of Meta&#39;s ongoing effort to prioritize features that users express interest in, like short-form videos, to maintain its competitive edge versus TikTok.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34234383/hollywood-strike-impact-warner-bros-discovery-revises-annual-outlook" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hollywood Strike Impact - Warner Bros. Discovery Revises Annual Outlook</a>
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<li>Warner Bros. Discovery Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wbd#NASDAQ">WBD</a>) stock is trading lower Tuesday as the company disclosed that CEO David Zaslav expects to discuss, among other topics, the impacts of the ongoing WGA and SAG-AFTRA strike at an investor conference on September 6, 2023.&nbsp;</li>
<li>The company&#39;s August 3, 2023, earnings call guidance reflected a resolution of the strikes by early September.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34226514/driving-into-the-future-mercedes-and-bmw-partner-with-qualcomm-for-ultra-connected-cars" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Driving Into The Future: Mercedes And BMW Partner With Qualcomm For Ultra-Connected Cars</a>
<ul>
<li>Semiconductor giant&nbsp;Qualcomm Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qcom#NASDAQ">QCOM</a>) said it will provide enhanced multi-media and in-car infotainment systems to luxury automakers, including&nbsp;BMW (Bayerische Motoren Werke ADR)&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmwyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMWYY</a>) and&nbsp;Mercedes Benz Group AG&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mbgyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MBGYY</a>).</li>
<li>As a part of the companies&#39; continued technology collaboration, Snapdragon Digital Chassis Solutions are designed to help bring the latest in-vehicle technology and features to the new 2024 Mercedes-Benz E-Class Sedan.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34223195/whats-going-on-with-alibaba-stock-tuesday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Cloud Seeks Up to $3B Funding From State Firms</a>
<ul>
<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) stock is trading lower Tuesday in line with the broader indexes&nbsp;IShares China Large-Cap ETF&nbsp;(FXI) and&nbsp;KraneShares Trust KraneShares CSI China Internet ETF&nbsp;(KWEB) amid reports of China&#39;s services activity growing at the slowest pace in eight months in August.</li>
<li>The company&#39;s cloud division explored private fundraising from Chinese state-owned enterprises before its public listing in Hong Kong.</li>
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<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34229324/samsung-becomes-tesla-cars-eyes-as-it-will-now-supply-camera-modules-to-elon-musks-ev-company" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Samsung Becomes Tesla Cars&#39; Eyes As It Will Now Supply Camera Modules To Elon Musk&#39;s EV Company</a>
<ul>
<li>Samsung Electronics Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ssnlf#OTC">SSNLF</a>) has a major new win in its bag &ndash; after winning a contract to supply chips to&nbsp;Elon Musk&#39;s Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), the Korean conglomerate will now supply camera modules as well.</li>
<li>Samsung has won a contract to supply camera modules to a US electric vehicle company, likely Tesla.</li>
<li>The Tesla Model S, X, Y, and 3 are expected to be equipped with Samsung&#39;s camera modules.</li>
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<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34232996/whats-going-on-with-manchester-united-stock" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Manchester United No Longer Up For Sale</a>
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<li>Manchester United Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/manu#NYSE">MANU</a>) shares are trading lower Tuesday following reports that the company will no longer seek to sell the club.</li>
<li>A source with ties to the family reportedly said negative fan reactions won&#39;t influence the owners. Manchester United fans have pushed for a sale for quite some time. The company&#39;s board commenced exploring strategic alternatives for the club last November and the company&#39;s owners have been reviewing offers from multiple potential buyers since.&nbsp;</li>
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<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34226368/high-flying-partnership-air-france-airbus-in-talks-to-form-jv-for-a350-component-maintenance" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">High-Flying Partnership: Air France &amp; Airbus In Talks To Form JV For A350 Component Maintenance</a>
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<li>Airbus SE&nbsp;(OTC:&nbsp;EADSY) and&nbsp;Air France-KLM&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aflyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AFLYY</a>) (OTC: AFRAD) Air France Industries KLM Engineering &amp; Maintenance have entered exclusive negotiations to establish a joint venture to provide Airbus A350 component maintenance services worldwide.&nbsp;</li>
<li>Under the JV pact, Air France and Airbus will transfer aircraft components assets belonging to both partners into the joint venture&#39;s pool.</li>
</ul>
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<li>On Monday,&nbsp;Novo Nordisk A/S&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvo#NYSE">NVO</a>) introduced its popular weight loss drug Wegovy (semaglutide injection) in the U.K., making it accessible through the National Health Service (NHS) weight management scheme for free prescriptions and in the private market.&nbsp;</li>
<li>However, the company has acknowledged that supply constraints will persist in the foreseeable future.</li>
<li>Some doctors express discomfort about Wegovy&#39;s private availability when substantial demand exists within the NHS.</li>
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Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34225602/renaults-electrifying-leap-ampere-ipo-could-hit-10-8b-valuation-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Renault&#39;s Electrifying Leap - Ampere IPO Could Hit $10.8B Valuation</a>
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<li>Renault SA&#39;s (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnsdf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNSDF</a>) CEO Luca de Meo reportedly said its new electric vehicle division Ampere could bring an initial public offering worth up to &euro;10 billion ($10.75 billion) when it floats in the first half of 2024.</li>
<li>The exact pricing of Ampere&#39;s initial public offering has yet to be confirmed.</li>
</ul>
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CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34225660/whatsapps-transformation-from-messaging-giant-to-monetization-challenge" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WhatsApp&#39;s Transformation - From Messaging Giant to Monetization Challenge</a>
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<li>It&#39;s been nearly a decade since Mark Zuckerberg, the founder of&nbsp;Facebook, now rebranded&nbsp;Meta Platforms Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/meta#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">META</a>), revealed the $19 billion deal to acquire the popular messaging app&nbsp;WhatsApp, known for its small-scale business operations.</li>
<li>Unlike Instagram, WhatsApp does not feature advertisements, an essential aspect of Zuckerberg&#39;s primary business model.</li>
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<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/09/34228654/legal-twist-in-drug-price-negotiation-federal-judge-quits-case-amid-allegations-of-stock-ownershi" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Legal Twist In Drug Price Negotiation: Federal Judge Quits Case Amid Allegations Of Stock Ownership</a>
<ul>
<li>On Friday, Judge Thomas Rose, serving in the U.S. District Court for the Southern District of Ohio, opted to step down from the case on the same day the Revolving Door Project, a nonprofit organization, revealed his ownership of stocks in&nbsp;Johnson &amp; Johnson&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jnj#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JNJ</a>) and&nbsp;AstraZeneca Plc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/azn#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AZN</a>).</li>
<li>Judge Rose, appointed during President George W. Bush&#39;s tenure, holds stocks valued between $15,000 and $50,000 in J&amp;J and shares in AstraZeneca worth up to $15,000.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34225655/chevron-faces-strike-at-its-australian-lng-facilities-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Chevron Faces Strike At Its Australian LNG Facilities</a>
<ul>
<li>Chevron Corp&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/cvx#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CVX</a>) Gorgon and Wheatstone liquefied natural gas (LNG) projects (account for over 5% of global LNG capacity) in Australia are likely to face turmoil as workers plan a strike for two weeks from September 14.</li>
<li>The report quoted the union alliance saying, &quot;The Offshore Alliance is escalating protected industrial action to demonstrate that our bargaining negotiations are far from &#39;intractable.&#39;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34210446/barclays-eyes-stake-sale-in-uk-payments-arm-valued-at-2-5b-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Barclays Eyes Stake Sale in UK Payments Arm Valued At $2.5B</a>
<ul>
<li>Barclays PLC&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bcs#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BCS</a>) is reportedly mulling the sale of a stake in the U.K. merchants&#39; payment processing unit as the bank is seeking a partner to boost the business.</li>
<li>The business could be worth at least &pound;2 billion ($2.5 billion), based on an EBITDA of about &pound;300 million and similar deals.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/09/34235802/johnson-johnsons-growth-strategy-post-tylenol-parent-kenvue-split-paving-the-way-for-medical-inno" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Johnson &amp; Johnson&#39;s Growth Strategy Post Tylenol Parent Kenvue Split: Paving the Way for Medical Innovation</a>
<ul>
<li>Johnson &amp; Johnson&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) is gearing up to use the proceeds from the recent separation of its consumer-health segment&nbsp;Kenvue Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kvue#NYSE">KVUE</a>) to bolster its growth in pharmaceuticals and medical technology.</li>
<li>This growth strategy could encompass new acquisitions, enhancement of product offerings, and a deeper dive into robotics.</li>
</ul>

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Facebook News To Shut Down In Europe, Warner Bros. Discovery Revises Outlook As Strike Bites, Manchester United No Longer Up For Sale: Today's Top Stories

Airbus SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsy#OTC">EADSY</a>) and&nbsp;Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) (OTC: AFRAD) Air France Industries KLM Engineering &amp; Maintenance have entered exclusive negotiations to establish a joint venture to provide Airbus A350 component maintenance services worldwide.&nbsp;
Under the JV pact, Air France and Airbus will transfer aircraft components assets belonging to both partners into the joint venture&#39;s pool.
The companies said this partnership would entail an optimized commercial offering for customers and the creation of a worldwide pool of aircraft components.
&quot;This project aims to bring customers the best expertise of our two companies on a product as high-tech as the A350,&quot; said Anne Brachet, Executive Vice President of Air France-KLM Engineering &amp; Maintenance.
Also See:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33168378/airbus-launches-new-a320-family-final-assembly-line-in-toulouse-france" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Airbus Launches New A320 Family Final Assembly Line In Toulouse, France</a>
The services include supply chain management, repairs, and creating a worldwide pool of aircraft components.
The joint venture will be operational by the first half of 2024.&nbsp;
&quot;Air France-KLM Engineering &amp; Maintenance and Airbus have a long-standing relationship and pooling our complementary A350 component skills and capabilities will deliver an enhanced service,&quot; said Cristina Aguilar, Senior Vice President Customer Services at Airbus.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34211293/airbus-scores-double-win-germany-orders-2-h145-helicopters-to-strengthen-police" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Airbus Scores Double Win: Germany Orders 2 H145 Helicopters To Strengthen Police</a>
Price Action:&nbsp;EADSY shares closed lower by 1.69% to $36.05 on Friday.
Photo Via Company

High-Flying Partnership: Air France & Airbus In Talks To Form JV For A350 Component Maintenance

The transaction discussions follow two previous Apollo-arranged investments for Air France-KLM entities in the past 12 months

AFRAF

Apollo Enters Exclusive Talks To Provide €1.5B Capital Solution To Air France-KLM's Flying Blue Loyalty Program With Commercial Partners

Apollo Global Management, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/apo#NYSE">APO</a>) has agreed to make a EUR 500 million investment into an&nbsp;Air France KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) affiliate owning a pool of components dedicated to the airline&#39;s Engineering and Maintenance activities.
This investment further strengthens the airline&#39;s balance sheet and will support the future purchase of components related to maintenance activities.&nbsp;
Apollo leveraged its cross-platform expertise, including in aviation and high grade partnerships to execute the investment.
This is Apollo&#39;s second deal with Air France-KLM in a year, with Apollo funds, affiliates, and clients contributing a total of EUR 1 billion.
Price Action:&nbsp;APO shares traded lower by 1.06% at $79.72 on the last check Friday.

Air France-KLM Inks €500M Financing Deal With Apollo For Its Engineering And Maintenance Unit

Financing

Air France-KLM Inks €500M Financing Deal With Apollo Global Management For Its Engineering And Maintenance Units

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/05/32235621/broadcom-ceo-prepares-to-allay-concerns-of-eu-regulators-over-vmware-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Broadcom CEO Prepares To Allay Concerns Of EU Regulators Over VMware Deal</a>
<ul>
<li>On Friday, U.S. chipmaker&nbsp;Broadcom Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avgo#NASDAQ">AVGO</a>) CEO Hock Tan proposes to pitch EU antitrust enforcers regarding the pro-competitiveness of his proposed $61 billion bid for cloud computing firm&nbsp;VMware Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vmw#NYSE">VMW</a>).</li>
<li>Tan will present his arguments to senior European Commission officials, including its deputy director general for mergers Guillaume Loriot, and their counterparts from national competition agencies and lawyers from the EU executive.</li>
<li>VMware President Sumit Dhawan will appear remotely at the hearing.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32237370/why-meme-stock-amc-entertainment-amc-is-trading-higher-premarket-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMC Entertainment Q1 Earnings: Theater Chain Beats Expectations As Avatar, Marvel Franchises Help Maintain Winning Streak</a>
<ul>
<li>AMC Entertainment Holdings Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amc#NYSE">AMC</a>) reported first-quarter FY23 revenue growth of 21.5% year-on-year to $954.4 million, beating the consensus of $941.9 million.</li>
<li>Overall attendance improved by 21.9% Y/Y to 47.6 million. U.S. markets attendance increased by 25.5% Y/Y to 32.4 million. International markets attendance grew by 15% Y/Y to 15.3 million.</li>
<li>Average screens fell 1% year-on-year to 9,998 from 10,099.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/entertainment/23/05/32233678/apple-meta-brace-for-competition-as-indias-richest-man-enters-vr-headset-battle-with-a-16-d" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple, Meta Brace For Competition As India&#39;s Richest Man Enters VR Headset Battle With A $16 Device</a>
<ul>
<li>Mark Zuckerberg&#39;s&nbsp;Meta Platforms Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) and&nbsp;Tim Cook&#39;s&nbsp;Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) will soon clash fiercely with expensive offerings in the VR headset market. But India&#39;s richest man is looking to play disruptor once again on his home turf with a VR headset that costs just under $16.</li>
<li>Reliance Industries, owned and led by India&#39;s richest man&nbsp;Mukesh Ambani, this week launched its first-ever virtual reality (VR) headset called JioDive under its subsidiary Reliance Jio.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32237077/why-warner-bros-discovery-stock-is-tumbling-premarket-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Why Warner Bros. Discovery Stock Is Tumbling Premarket Today</a>
<ul>
<li>Warner Bros. Discovery Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wbd#NASDAQ">WBD</a>) reported a first-quarter FY23 revenue decline of 5% ex-FX year-on-year to $10.70 billion, missing the consensus of $10.78 billion. EPS loss of $(0.44) missed the consensus of $0.01.</li>
<li>Studios&nbsp;revenues&nbsp;were $3.21 billion, down by 7% ex-FX Y/Y on a pro forma combined basis. Content revenue decreased 8% ex-FX, as higher games revenue from the release of Hogwarts Legacy was more than offset by lower TV licensing.</li>
<li>Networks&nbsp;revenues&nbsp;were $5.58 billion, down by 7% ex-FX, excluding the impact of the 2022 Winter Olympic Games on a pro forma combined basis.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32232173/lordstown-motors-to-hit-the-brakes-on-endurance-electric-truck-production" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lordstown Motors To Hit The Brakes On Endurance Electric Truck Production</a>
<ul>
<li>Lordstown Motors Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ride#NASDAQ">RIDE</a>) said it expects the production of its&nbsp;Endurance&nbsp;electric full-size pickup truck to stop &quot;in the near future,&quot; given the lack of investment and production delays.</li>
<li>The company said in a filing on Thursday that the production of Endurance &mdash; Lordstown&#39;s flagship vehicle &mdash; may cease soon.</li>
<li>The company is seeking strategic partners to scale the program but noted that its ability to obtain additional financing is &quot;extremely limited.&quot;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32232154/american-bankers-association-calls-on-sec-to-probe-short-selling-abusive-practices" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">American Bankers Association Calls On SEC To Probe Short Selling, Abusive Practices</a>
<ul>
<li>The&nbsp;American Bankers Association, or ABA, reportedly called on federal regulators on Thursday to probe a spate of significant short sales of publicly traded banking stocks that it said were &quot;disconnected from the underlying financial realities.&quot;</li>
<li>The group stated it had also observed &quot;extensive social media engagement&quot; about the health of various lenders that was out of step with general industry conditions, reported Reuters, citing a letter written to the&nbsp;Securities and Exchange Commission&nbsp;Chair&nbsp;Gary Gensler.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32232904/dropbox-beats-on-q1-maintains-long-term-outlook" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Why Dropbox Shares Are Up Friday Morning</a>
<ul>
<li>Dropbox Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dbx#NASDAQ">DBX</a>) reported Q1 2023 revenues growth of 8.7% Y/Y and 11.6% Y/Y constant currency, to $611.1 Million, beating the consensus of $601.1 million.</li>
<li>Paying users stood at 17.90 million, vs. 17.09 million a year ago, and average revenue per paying user increased to $138.97 from $134.63 the prior year.</li>
<li>The company maintained a long-term target of an adjusted gross margin of 80%-82%, an adjusted operating margin of 30%-32%, and an annual free cash flow of over $1 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32235676/cigna-raised-annual-profit-forecast-on-strong-growth-lower-medical-costs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Cigna Raised Annual Profit Forecast On Strong Growth, Lower Medical Costs</a>
<ul>
<li>Cigna Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ci#NYSE">CI</a>) has reported Q1 FY23 sales of $46.52 billion, up 6% Y/Y, beating the consensus of $45.53 billion, reflecting strong contributions from Evernorth Health Services and Cigna Healthcare.</li>
<li>Cigna saw its medical cost ratio - or spending on claims as a percentage of premiums - fall to 81.3% from 81.5% due to higher premiums and lower COVID-19 costs.&nbsp;</li>
<li>The adjusted EPS of $5.41, down from $6.06 a year ago, came above the Wall Street estimate of $5.24.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/05/32233878/dogecoin-wallet-with-1-5m-doge-springs-to-life-after-9-years" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Dogecoin Wallet With 1.5M DOGE Springs To Life After 9 Years</a>
<ul>
<li>A&nbsp;Dogecoin&nbsp;(DOGE/USD) address containing 1.55 million DOGE worth approximately $123,155 on Thursday awakened after remaining dormant for 9.3 years.&nbsp;</li>
<li>The fact that this dormant wallet was reactivated after such a long period of stagnancy suggests that the holders may have acquired the coins shortly after Dogecoin&#39;s invention.</li>
<li>Last month, a number of inactive DOGE wallets sprang back to life after remaining dormant for extended periods.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32235619/air-france-klm-in-discussions-with-apollo-global-management-for-500m-financing" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Air France-KLM In Discussions With Apollo Global Management For &euro;500M Financing</a>
<ul>
<li>Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) and&nbsp;Apollo Global Management Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/apo#NYSE">APO</a>) are in talks about a &euro;500 million financing of a dedicated operating affiliate owning Engineering and Maintenance assets.</li>
<li>This financing will be non-dilutive, structured through a quasi-equity financing instrument. Proceeds will be allocated to general corporate purposes.</li>
</ul>
&nbsp;
CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32235889/hsbc-defeats-proposal-regarding-asian-business-spin-off-at-shareholder-meeting-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HSBC Defeats Proposal Regarding Asian Business Spinoff At Shareholder Meeting</a>
<ul>
<li>HSBC Holdings PLC&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hsbc#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HSBC</a>) reportedly defeated the proposal on the potential spinoff of its Asian business into a Hong Kong-listed company in today&#39;s annual general meeting (AGM).</li>
<li>Investors in support of the spinoff failed to get the majority votes. HSBC&#39;s largest shareholder,&nbsp;Ping An Insurance (Group) Co. of China Ltd&nbsp;(OTC; PNGAY), supported the spinoff.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/05/32232909/jack-mas-ant-eyes-stake-sell-in-hong-kong-banking-unit" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Jack Ma&#39;s Ant Eyes Stake Sell In Hong Kong Banking Unit</a>
<ul>
<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) fintech affiliate&nbsp;Ant Group Co Ltd&nbsp;weighed selling a stake in its virtual banking unit in Hong Kong to win regulatory confidence for its impending initial public offering.</li>
<li>Ant Bank (Hong Kong) Ltd has been discussing with potential investors to bolster operations,</li>
<li>China&#39;s parent Ant Group has been restructuring operations to win the regulators after the country abruptly dumped its IPO in 2020.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32236492/bmw-issues-do-not-drive-warning-for-90-000-cars-with-faulty-airbags-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMW Issues &#39;Do Not Drive&#39; Warning For 90,000 Cars With Faulty Airbags: Report</a>
<ul>
<li>BMW&nbsp;(Bayerische Motoren Werke ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>) has reportedly issued a &quot;do not drive&quot; alert for the 90,000 affected sedans and SUVs with faulty airbags.</li>
<li>The move comes after&nbsp;Hondo Motor Co Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hmc#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HMC</a>) and&nbsp;Ford Motor Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/f#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">F</a>) issued similar orders about&nbsp;Takata Corp&nbsp;airbags.</li>
<li>The airbags hold the risk of explosion if&nbsp;deployed after long-term exposure to high heat and humidity.&nbsp;</li>
</ul>
Photo via Wikimedia Commons

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<ul>
<li>Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) and&nbsp;Apollo Global Management Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/apo#NYSE">APO</a>) are in&nbsp;<a class="editor-rtfLink" href="https://www.airfranceklm.com/en/newsroom/air-france-klm-enters-exclusive-discussions-apollo-global-management-eu500-million" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">talks&nbsp;</a>about a &euro;500 million financing of a dedicated operating affiliate owning Engineering and Maintenance assets.</li>
<li>This financing will be non-dilutive, structured through a quasi-equity financing instrument. Proceeds will be allocated to general corporate purposes.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32215959/acquisition-q1-earnings-why-arconic-shares-are-shooting-higher-today" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Acquisition &amp; Q1 Earnings: Why Arconic Shares Are Shooting Higher Today</a></li>
<li>The instrument would qualify as equity under IFRS, strengthening Air France-KLM&rsquo;s and Air France&rsquo;s balance sheets.</li>
<li>Additionally, Air France-KLM announced its&nbsp;<a class="editor-rtfLink" href="https://www.airfranceklm.com/en/newsroom/first-quarter-2023-results" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">first-quarter FY23 results</a>. It reported strong demand in the quarter, with 19.7 million passengers onboard, up 35% versus 1Q22.</li>
<li>Q1 Group revenues were &euro;6.3 billion, an improvement of 42% YoY.</li>
<li>Operating loss was a &euro;(0.3) billion, with an operating margin of -4.8%, above 1Q22 of -7.9%.</li>
<li>Net debt/EBITDA ratio at 1.5x versus 1.8x end of 2022.</li>
<li>The company ended the quarter with a positive adjusted operating free cash flow of &euro;0.7 billion and solid cash at hand at &euro;9.7 billion.</li>
<li>Q1 Capacity +19.8% Y/Y, Traffic +38.9% Y/Y, load Factor was 86.1%, up 11.8 points, and Passenger unit revenue per ASK +36.9%.</li>
<li>Price Action:&nbsp;APO shares closed lower by 4.74% at $58.04 and AFLYY lower by 0.60% at $1.67 on Thursday.</li>
</ul>

Air France-KLM In Discussions With Apollo Global Management For €500M Financing

<img alt="Fintech Header" src="https://cdn2.hubspot.net/hub/2786381/hubfs/Fintech%20Header.png?upscale=true&amp;width=800&amp;upscale=true&amp;name=Fintech%20Header.png" />
&#128073; Top Things To Know In TradeFi:
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<li>Abu Dhabi&nbsp;<a href="https://www.marketsmedia.com/abu-dhabi-to-launch-blockchain-and-virtual-assets-strategy/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">launches</a>&nbsp;DLT offers</li>
<li>SBF:&nbsp;FTX to not&nbsp;<a href="https://www.theblock.co/post/166262/ftx-has-no-plans-to-buy-crypto-exchange-huobi-says-ceo-bankman-fried?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">buy</a>&nbsp;out Huobi</li>
<li>Voyager&nbsp;<a href="https://www.theblock.co/post/165996/voyager-extends-deadline-for-bids-to-september-6?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">extended</a>&nbsp;bid deadline</li>
<li>Volofinance&nbsp;<a href="http://www.tradearabia.com/news/BANK_400050.html?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">launching</a>&nbsp;new app</li>
<li>CoinDCX is&nbsp;<a href="https://www.moneycontrol.com/news/business/cryptocurrency/coindcx-wants-to-help-build-the-crypto-ecosystem-in-india-not-merely-chase-revenue-founders-9100701.html?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">building</a>&nbsp;ecosystem
<ul>
<li>Coinbase&nbsp;<a href="https://www.marketsmedia.com/coinbase-derivatives-exchange-adds-nano-ether-futures/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">adds</a>&nbsp;nano ETH offer (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>)</li>
</ul>
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<li>Floating Point&nbsp;<a href="https://blockworks.co/crypto-prime-brokerage-enlists-former-wells-fargo-jpmorgan-exec/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">adds</a>&nbsp;new leader</li>
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&#128073; Top Things To Know In Fintech:
<ul>
<li>Anchor is&nbsp;<a href="https://www.finextra.com/pressarticle/93843/nigerian-baas-startup-anchor-joins-y-combinator-summer-batch?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">joining</a>&nbsp;Y Combinator</li>
<li>Grey is&nbsp;<a href="https://www.finextra.com/pressarticle/93845/grey-raises-2m-for-african-cross-border-payments?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">securing</a>&nbsp;$2M to expand</li>
<li>CIBC&nbsp;<a href="https://www.finextra.com/pressarticle/93849/cibc-introduces-same-day-cash-pick-up-abroad-through-moneygram?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">intros</a>&nbsp;same-day pick-ups</li>
<li>Blik&nbsp;<a href="https://www.finextra.com/newsarticle/40871/polish-mobile-payments-firm-to-buy-slovakias-viamo?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">eyes</a>&nbsp;internationally growth</li>
<li>Truist&nbsp;<a href="https://www.finextra.com/pressarticle/93847/truist-launches-robo-advisor?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">launching</a>&nbsp;a robot-advisor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tfc#NYSE">TFC</a>)</li>
<li>Visa tokens are&nbsp;<a href="https://www.finextra.com/newsarticle/40869/visa-tokens-overtake-physical-cards-in-circulation?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">taking</a>&nbsp;on cards</li>
<li>Afterpay&nbsp;<a href="https://www.finextra.com/newsarticle/40875/afterpay-closes-money-app-ending-westpac-partnership?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">ends</a>&nbsp;Westpac relation</li>
<li>Revolut&nbsp;<a href="https://www.newsbreak.com/news/2723395117514/global-fintech-revolut-appoints-raymond-ng-as-singapore-ceo?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">appointed</a>&nbsp;Raymond Ng</li>
<li>Limit Break&nbsp;<a href="https://www.theblock.co/post/166268/mobile-gaming-firm-limit-break-raises-200-million-across-two-rounds?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">raises</a>&nbsp;$200M funds</li>
<li>SEC&nbsp;<a href="https://www.theblock.co/post/166149/sec-seeks-info-from-grayscale-about-three-crypto-trusts-coindesk?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">seeks</a>&nbsp;info from Grayscale</li>
<li>Lightnet&nbsp;<a href="https://www.theblock.co/post/166293/lightnet-secures-50-million-lda-capital-commitment-for-remittances?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">raising</a>&nbsp;for remittances</li>
<li>Tether&nbsp;<a href="https://blockworks.co/tether-pushes-back-timeline-on-audit-report/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">pushes</a>&nbsp;timeline on audit</li>
<li>Sygno a&nbsp;<a href="https://www.finextra.com/pressarticle/93844/dutch-aml-startup-sygno-joins-fis-accelerator?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">part</a>&nbsp;of FIS accelerator</li>
<li>Fiserv, Rutgers-Neward&nbsp;<a href="https://www.finextra.com/pressarticle/93846/fiserv-partners-rutgers-newark-to-drive-fintech-inclusion-and-innovation?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">partner</a>&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fisv#NASDAQ">FISV</a>)</li>
<li>Brightwell&nbsp;<a href="https://www.finextra.com/pressarticle/93848/brightwell-unveils-global-remittance-platform-for-fintechs?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">unveiling</a>&nbsp;surveillance&nbsp;</li>
<li>Icici&nbsp;<a href="https://www.finextra.com/pressarticle/93842/icici-to-launch-rupay-credit-cards?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">aims</a>&nbsp;to launch RuPay card</li>
<li>Block&nbsp;<a href="https://www.finextra.com/newsarticle/40870/block-faces-lawsuit-over-cash-app-breach?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">facing</a>&nbsp;Cash App lawsuits (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sq#NYSE">SQ</a>)</li>
<li>FIS is&nbsp;<a href="https://www.finextra.com/newsarticle/40876/fis-targets-central-banks-with-real-time-payments-and-cbdc-tech?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">honing</a>&nbsp;central bank tech (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fis#NYSE">FIS</a>)</li>
</ul>
&#128073; Interesting Reads:
<ul>
<li>Apple&nbsp;<a href="https://techcrunch.com/2022/08/29/justice-department-in-early-stages-of-filing-an-antitrust-lawsuit-against-apple-says-report/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">eyes</a>&nbsp;a DOJ antitrust suit (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>)</li>
<li>How&rsquo;s Litquidity&nbsp;<a href="https://www.fastcompany.com/90778770/meme-king-litquidity-is-making-bank-by-skewering-wall-street?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">making</a>&nbsp;money</li>
<li>Singapore&nbsp;<a href="https://fortune.com/2022/08/29/singapore-crypto-crackdown/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">eyeing</a>&nbsp;crypto clamp</li>
<li>Rents&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-08-29/most-expensive-us-cities-for-renters-in-august?srnd=premium&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">hit</a>&nbsp;records again in NYC</li>
<li>Air France pilots&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-08-27/air-france-pilots-suspended-after-in-flight-cockpit-brawl?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">fight</a>&nbsp;in cockpit (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>)</li>
<li>Taleb&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-08-29/-black-swan-author-says-colleges-should-bear-debt-forgiveness?srnd=premium&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">talked</a>&nbsp;student loan debts</li>
<li>EU&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-08-29/eu-plans-emergency-intervention-to-stem-surging-power-prices?srnd=premium&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">aims</a>&nbsp;to fix to power market</li>
<li>Meta&nbsp;<a href="https://www.theblock.co/post/166281/meta-now-lets-you-post-nfts-and-other-digital-collectibles-to-facebook?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">lets</a>&nbsp;you post NFTs on FB (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>)</li>
<li>Musk&nbsp;<a href="https://news.google.com/u/1/articles/CAIiEAa8hT9dBS4td2mxAPjOngoqLggEKiUIACIbd3d3LmJ1c2luZXNzaW5zaWRlci5jb20vc2FpKgQICjAMMMzw5wE?hl=en-US&amp;gl=US&amp;ceid=US%3Aen&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-80lHZYYeUuekrXtQEmKM4qUKwqbTi7eFgyUehGrlW_VooVKJBrM15S8gBk-TbBK2d-DEHR" target="_blank">loses</a>&nbsp;20 pounds on fasts (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>)</li>
</ul>

Fintech news covering the emerging Financial Technology services sector

Fintech

COIN

FISV

Top News In Fintech And Beyond For August 30, 2022

<ul>
<li>Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.airfranceklm.com/en/air-france-klm-signs-agreement-cfm-international-engine-configuration-its-future-airbus-a320neo" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">established an agreement with CFM International</a>&nbsp;to acquire 200 LEAP-1A engines to power its new fleet of&nbsp;Airbus SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsy#OTC">EADSY</a>) A320neo and A321neo. Financial terms were not disclosed.</li>
<li>CFM International is a 50/50 joint venture between GE Aviation, a division of&nbsp;General Electric Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>), and Safran Aircraft Engines, a division of&nbsp;Safran&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/safry#OTC">SAFRY</a>).</li>
<li>Last December, Air France-KLM ordered 100 Airbus A320neo family aircraft - with purchase rights for 60 additional aircraft, to renew the fleets of KLM and Transavia Netherlands and to renew and expand the fleet of Transavia France.</li>
<li>&quot;Latest generation aircraft like our upcoming A320neo and A321neo enable a 10% unit cost reduction, emit 15% less CO2 and generate 50% less noise, in part thanks to their advanced engines. Through this agreement, Air France-KLM and CFM International are building on their longstanding relationship to make aviation more sustainable,&quot; commented Benjamin Smith, CEO of Air France-KLM.</li>
<li>Price Action:&nbsp;AFLYY shares are trading lower by 4% at $1.20, GE lower by 3.75% at $61.16, and SAFRY lower by 5.73% at $23.60 on the last check Tuesday.</li>
</ul>

Contracts

SAFRY

Air France-KLM Inks Agreement With CFM For Engine Configuration

CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27691941/this-warren-buffett-backed-chinese-ev-maker-ranked-amongst-top-3-automakers-beating-tesla-nio-xpeng" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Warren Buffett-Backed EV Maker Ranked Amongst Top 3 Automakers in China Beating Tesla, Nio, Xpeng</a>
<ul>
<li>Warren Buffett&rsquo;s Berkshire Hathaway (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) -backed Chinese EV maker BYD Co, Ltd&rsquo;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) sales more than doubled in May, making it one of the top three automakers in China, CNBC reports.</li>
<li>BYD dominated new energy vehicles, including hybrid and battery-powered cars, and ranked among the top three brands in the largest automobile market by passenger car sales.</li>
<li>BYD accounted for two of China&rsquo;s top three bestselling new energy models in May. BYD&rsquo;s feat remained unattainable by Tesla, Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsla#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSLA</a>), NIO Inc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/nio#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NIO</a>), and XPeng Inc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/xpev#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">XPEV</a>).</li>
</ul>

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/06/27691210/google-facebook-and-twitter-may-face-hefty-eu-fines-for-not-tackling-fake-accounts-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Facebook, Twitter, Google Set To Face Hefty EU Fines If Found Not Tackling Fake Accounts</a>
<ul>
<li>The updated European Union code of practice is set to bring in tighter rules for social media giants in order to curb fake accounts on the platforms.</li>
<li>According to an EU document accessed by Reuters, tech giants like Alphabet Inc&rsquo;s (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/googl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GOOGL</a>) (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/goog#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GOOG</a>) Google, Meta Platforms Inc&rsquo;s (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/meta#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">META</a>) Facebook, and Twitter Inc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/twtr#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TWTR</a>) will have to take measures to counter deepfakes and fake accounts on their platforms, else they would be penalized with hefty fines under an updated code of practice.</li>
<li>The report noted that the European Commission is expected to publish the document on Thursday in a bid to crack down on fake news.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27692659/ryanairs-ceo-expects-summer-rates-to-increase-7-9-compared-to-2019" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ryanair CEO Expects Summer Rates To Increase By 7-9% Compared To 2019</a>
<ul>
<li>Ryanair Holdings (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/ryaay#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RYAAY</a>) Chief Executive Michael O&rsquo;Leary stated that bookings are strengthening, and he expects summer fares to be between 7% and 9% higher than pre-pandemic levels, reported Reuters.</li>
<li>In an interview with Reuters, he predicted that the load factor, a measure of how well an airline fills available seats, should be around 94% in June, nearly matching pre-COVID-19 pandemic levels.</li>
<li>&ldquo;And July, August, and September look very strong with higher load factors and also higher fares,&rdquo; he added.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/06/27691747/sequoia-capital-closes-largest-india-southeast-asia-dedicated-fund-reuters" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Sequoia Capital Closes Largest India and Southeast Asia Dedicated Fund</a>
<ul>
<li>As Sequoia Capital looks beyond current investment weakness in new companies in Asia, it has raised $2.85 billion to fund Indian and Southeast Asian startups.</li>
<li>According to the Reuters report, the fundraising is Sequoia&rsquo;s largest so far for India and Southeast Asia.</li>
<li>Money raised included $850 million in Sequoia&rsquo;s first fund dedicated to Southeast Asia. It has invested in Southeast Asian startups since 2015 from a common India fund.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/06/27691969/eu-bavarian-nordic-ink-supply-pact-for-110-000-monkeypox-vaccines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EU, Bavarian Nordic Ink Supply Pact For 110,000 Monkeypox Vaccines</a>
<ul>
<li>European Health Emergency Preparedness and Response Authority (HERA) has ordered 110,000 doses of Bavarian Nordic A/S&rsquo;s (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/bvnry#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BVNRY</a>) MVA-BN smallpox/monkeypox vaccine.</li>
<li>Deliveries of vaccines to HERA will commence immediately and be completed during the following months.</li>
<li>The vaccines will be bought with EU funds and delivered to EU states, Reuters reported citing EU health commissioner Stella Kyriakides. Doses are to be delivered proportionately to the population, starting with states with the most urgent needs.</li>
</ul>

Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27689655/elon-musks-first-all-hands-twitter-meet-to-take-place-this-thursday-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Elon Musk&rsquo;s First All-Hands Twitter Meet To Happen On Thursday: Report</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) CEO Elon Musk will have his first all-hands meeting with Twitter Inc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/twtr#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TWTR</a>) employees on Thursday, The Wall Street Journal reported on Monday, citing the social media company.</li>
<li>Twitter CEO Parag Agrawal told employees on Monday over an email that they could submit questions for the billionaire entrepreneur in advance.</li>
<li>This would be the first time Musk will participate and interact with Twitter employees since his bid to acquire the microblogging company began in April.</li>
</ul>

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27693176/air-france-klm-raises-2-4b-via-rights-issue-aims-to-reduce-debt" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Air France-KLM Raises $2.4B Via Rights Issue, Aims To Reduce Debt</a>
<ul>
<li>Air France-KLM (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/aflyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AFLYY</a>) raised &euro;2.26 billion ($2.4 billion) to expand low-cost and transatlantic flights. The airline introduced the funds through a heavily discounted share sale to return a portion of the public subsidy that helped it survive the Covid-19 outbreak.</li>
<li>The proceeds of the rights issue will be used to decrease debt and reimburse the French government for around &euro;1.7 billion in bonds issued last year and held by the French government, according to the Franco-Dutch airline on Tuesday.</li>
<li>The new shares were sold at a subscription price of &euro;1.17 each or a discount of about 73% to the May 20 close.</li>
</ul>

Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/06/27692862/the-esg-regulatory-heat-intensifies-with-latest-raid-in-dws" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ESG Regulatory Heat Intensifies With Latest Raid In DWS</a>
<ul>
<li>Around 50 German police officers intruded the Frankfurt office of fund manager DWS in May amid a greenwashing probe triggered by a whistleblower.</li>
<li>DWS CEO Asoka Woehrmann resigned the day after the police arrived to question the staff.</li>
<li>Former BlackRock sustainability executive alleged that ESG investing was little more than &ldquo;marketing hype.&rdquo;</li>
<li>The SEC disclosed its first case against BNY Mellon&rsquo;s investment arm over alleged ESG misdeed in May. It also investigated Goldman Sachs&rsquo;s asset management division over similar claims.</li>
</ul>

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27691125/this-alibaba-competitor-undertakes-aggressive-job-cuts-across-multiple-southeast-asian-markets" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">This Alibaba Competitor Undertakes Aggressive Job Cuts Across Multiple Southeast Asian Markets</a>
<ul>
<li>Sea Limited&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/se#NYSE">SE</a>) e-commerce arm Shopee laid off staff across multiple markets, DealStreetAsia reports.</li>
<li>The layoffs to rationalize its e-commerce business encompassed several Southeast Asian markets, including Indonesia, Thailand, and Vietnam.</li>
<li>Shopee&rsquo;s payments arm ShopeePay and food delivery business ShopeeFood also faced cuts.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27690450/spacex-says-it-is-a-step-closer-to-trying-out-first-starship-orbital-test-flight-after-faa-review" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SpaceX Gets One Step Closer To First Starship Orbital Test Flight</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) CEO Elon Musk-owned SpaceX said on Monday that it is now a step closer to the first orbital flight test of its Starship from the Boca Chica launch site in Texas following a key Federal Aviation Administration (FAA) review.</li>
<li>The FAA on Monday gave a green light for SpaceX to test its huge Starship rocket provided the privately-held space company takes more than 75 actions to mitigate the environmental impact on the area.</li>
<li>The key review, originally expected to be cleared late last year, was pushed back several times and has held back SpaceX&rsquo;s plans to conduct test flights. The reviews were delayed to include public comments and views of other agencies.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/06/27690723/tencent-buys-stake-worth-264-million-in-walmarts-flipkart-from-billionaire-binny-bansal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tencent Buys $264M Stake In Walmart&rsquo;s Indian Unit</a>
<ul>
<li>Chinese tech conglomerate Tencent Holdings Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>) has bought a $264 million stake in Walmart Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmt#NYSE">WMT</a>) -owned Indian e-commerce firm Flipkart, Press Trust of India reported.</li>
<li>The outlet citing official documents, said the company bought shares from Indian internet entrepreneur Binny Bansal, Flipkart&rsquo;s co-founder, through its European subsidiary.</li>
<li>Bansal now holds a 1.84% stake in Flipkart after selling part of his stake to Tencent Cloud Europe BV &mdash; Tencent&rsquo;s European subsidiary.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/06/27690434/lilly-incyte-snag-fda-nod-for-patchy-hair-loss-treatment-concert-pharma-moves-in-sympathy" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lilly-Incyte Snag FDA Nod For Patchy Hair Loss Treatment &mdash; Smaller Rival&rsquo;s Stock Shoots Up In Sympathy</a>
<ul>
<li>Alopecia areata, an autoimmune disorder that causes patchy hair loss, now has a new treatment that has been approved by the Food and Drug Administration.</li>
<li>Eli Lilly &amp; Company (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/lly#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">LLY</a>) and Incyte Corporation (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/incy#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">INCY</a>) announced that the FDA approved Olumiant, a once-daily pill, as the first systemic treatment for adults with severe alopecia areata. It is available in tablet formulation, in 4-mg, 2-mg and 1-mg strengths.</li>
<li>Systemic treatments are those which travel through the bloodstream and reach all cells of the body.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27689922/byd-to-begin-supplying-batteries-for-tesla-model-y-as-early-as-next-year-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla To Begin Getting Battery Deliveries From Warren Buffett-Backed EV Company Next Year: Report</a>
<ul>
<li>Warren Buffett-backed BYD Co (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) will begin mass supplying batteries for Tesla Inc&rsquo;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) Model Y as early as next year, CnEVpost reported on Tuesday, citing local media.</li>
<li>The development follows a confirmation from China-based BYD last week that it plans to begin delivering batteries soon.</li>
<li>&ldquo;Tesla is a very successful company no matter what, BYD respects Tesla and we admire Tesla,&rdquo; CnEVpost reported a week ago, citing a BYD executive.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/22/06/27689927/apple-on-cusp-of-upgrading-iphone-front-camera-to-auto-focus-7-potential-beneficiar" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple&rsquo;s iPhone 14 Front Camera Upgrade: 7 Suppliers That Stand To Benefit</a>
<ul>
<li>Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) is widely expected to upgrade the iPhone 14&rsquo;s front camera from the existing fixed-focus to auto-focus. Noted Apple analyst Ming-Chi Kuo sees a slew of supply chain partners benefiting from this planned camera upgrade.</li>
<li>Improved Factors: The TFI International Securities analyst sees the transition to significantly improve selfie and video performance. The hardware upgrades needed for this include adding a voice coil motor and upgrading from a 5P lens to 6P lens, the analyst said.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27689995/this-tesla-rival-is-delaying-deliveries-of-evs-amid-supply-challenges-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Amazon-Backed Tesla Rival Said To Delay EV Deliveries Amid Supply Challenges</a>
<ul>
<li>Rivian Automotive, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) could be facing a setback with its R1S SUV that was launched in December.</li>
<li>The delivery schedules of the R1S have been pushed back from anywhere between one month, and nine months, Autoevolution said, citing a letter Rivian sent to reservation holders and information shared among forum members.</li>
<li>Amazon.com Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) -backed Rivian reportedly attributed the delay to supply chain challenges and prioritization of deliveries to locations where service infrastructure is in place to &ldquo;provide full ownership experience&rdquo; to users from day one.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27689691/how-low-does-bitcoin-have-to-fall-before-microstrategy-is-forced-out-of-its-massive-pile-of-coins" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">How Low Does Bitcoin Have To Fall Before MicroStrategy Is Forced Out Of Its Massive Pile Of Coins?</a>
<ul>
<li>MicroStrategy Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mstr#NASDAQ">MSTR</a>) is the biggest Bitcoin BTC/USD holder among U.S. companies, but the Michael Saylor-led company may have to shed some of it if the apex coin keeps on tumbling.</li>
<li>The Borrowing: In March 2022, MicroStrategy borrowed $205 million from Silvergate Capital Corp&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/si#NYSE">SI</a>) Silvergate Bank, collateralized against its Bitcoin holdings to buy cryptocurrency and pay fees, interest, and expenses linked to the loan transaction.</li>
<li>MicroStrategy holds 129,218 BTC, valued at $2.76 billion, according to Bitcoin Treasuries data, making it the largest holder of the apex coin ahead of Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).</li>
</ul>
Photo via Wikimedia Commons

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Morning Brief: Top Financial Stories Dominating on Tuesday, June 14

Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) raised &euro;2.26 billion ($2.4 billion) to expand low-cost and transatlantic flights. The airline introduced the funds through a heavily discounted share sale to return a portion of the public subsidy that helped it survive the Covid-19 outbreak,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-06-14/air-france-klm-raises-2-4-billion-in-rights-issue-to-cut-debt?srnd=premium-asia#xj4y7vzkg" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported Bloomberg.</a>
What happened:&nbsp;The proceeds of the rights issue will be used to decrease debt and reimburse the French government for around &euro;1.7 billion in bonds issued last year and held by the French government, according to the Franco-Dutch airline on Tuesday.
The new shares were sold at a subscription price of &euro;1.17 each or a discount of about 73% to the May 20 close.
Why It&#39;s Important:&nbsp;Chief Executive Officer Ben Smith stated that the operation &quot;helps us to reimburse a huge portion of the aid, which is a good thing.&quot; He noted that the carrier will now be free to carry out its strategy.
Smith also said the group would consider outside opportunities after the rights issue.
Price Action:&nbsp;AFLLY shares closed lower by 4.39% at $3.16 on Monday.
Photo via Wikimedia Commons

Air France-KLM Raises $2.4B Via Rights Issue, Aims To Reduce Debt

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Morning Brief: Top Financial Stories Dominating on Wednesday, May 18

<ul>
<li>CMA CGM, a French shipping company, invests in&nbsp;Air France-KLM&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) as part of an air cargo partnership, counting on growing demands for flying goods worldwide while supply chains remain snarled in the aftermath of the pandemic,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/europe/cma-cgm-take-stake-air-france-klm-part-new-cargo-partnership-2022-05-18/#:~:text=PARIS%2C%20May%2018%20(Reuters),the%20wake%20of%20the%20pandemic." style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reported</a>.</li>
<li>CMA CGM will take up to 9% of Air France-KLM, worth ~&euro;240 million ($252 million) based on the closing price on May 17, 2022, as part of a possible capital increase by the airline group for the duration of their partnership, which is initially set to last ten years.</li>
<li>CMA CGM established an air cargo division last year as part of a push to develop non-maritime logistics.</li>
<li>Profits for ocean shipping have risen due to high freight rates since the COVID-19 epidemic, allowing CMA CGM and other shippers to invest in alternative modes of transportation to strengthen global supply chains and protect against a downturn.</li>
<li>Air France-KLM and CMA CGM stated that their collaboration would result in &quot;substantial revenue synergies&quot; and had a &quot;strong intention to invest and grow sustainably&quot; in the air freight industry. They will also combine their global sales forces.</li>
<li>The collaboration with Air France-KLM encompasses a combined fleet of ten full-freighter aircraft, four at CMA CGM Air Cargo and six at Air France-KLM. They have a total of 12 aircraft on order.</li>
<li>Price Action:&nbsp;AFLYY shares closed higher by 3.22% at $4.17 on Tuesday.</li>
<li>Photo via Wikimedia Commons</li>
</ul>

CMA CGM Buys 9% stake In Air France-KLM As Part Of An Air Cargo Partnership

The global aviation industry seems to be bearing the burnt after Russia invaded Ukraine. No-fly zones, cancelled flights and global air travel disruption gripping the aviation industry.&nbsp;
After airspace restrictions were announced by both Russia and Ukraine, airlines have had to reroute planes to avoid Ukraine and parts of Russia.&nbsp;
London and Moscow have barred each other from their respective airspaces.&nbsp;
Moldova, southwest of Ukraine, also halted flights, while Belarus, to the north,&nbsp;said civilian flights could no longer fly over part of its territory
The U.S.&nbsp;Federal Aviation Administration&nbsp;has issued expanded notices barring airline operations that now cover all of Ukraine, Belarus and the&nbsp;western portion of Russia.
The European Union Aviation Safety Agency has issued a high-risk alert for civilian aircraft flying near the Ukrainian border.&nbsp;
Airlines such as Deutsche Lufthansa AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dlaky#OTC">DLAKY</a>) and Air France-KLM (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>) had already suspended flights to Ukraine earlier this week. Delta Air Lines (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dal#NYSE">DAL</a>) has suspended its codeshare with Russian national airline Aeroflot.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/22/02/25798721/airlines-advised-to-not-fly-over-all-of-ukraine-over-extreme-risk-russia-shuts-down-eastern-ukrainia">Airlines Advised To Not Fly Over All Of Ukraine Over &#39;Extreme&#39; Risk; Russia Shuts Down Eastern Ukrainian Airspace</a>
Japan Airlines Co. said it has cancelled a weekly return flight between Moscow and Tokyo.
KLM Royal Dutch Airlines, part of Air France-KLM, said it has scrapped its daily evening flight to Moscow.
United Parcel Service Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ups#NYSE">UPS</a>) and FedEx Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fdx#NYSE">FDX</a>) said they were preparing contingency plans for operations to Russia.
The Russian airspace bordering Ukraine is closed for civilian flights, and there are some restrictions on domestic flights within Russia as well.
Poland and the Czech Republic announced plans on Friday to close their airspace to Russian airlines.&nbsp;
Canadian citizens are advised to avoid travel to regions of Russia on the border with Ukraine.
Photo:&nbsp;<a href="https://www.flickr.com/photos/blendexphotography/" id="yui_3_16_0_1_1645369948580_112925" title="Go to Sven &amp; Dennis Angerer's photostream">Sven &amp; Dennis Angerer</a>&nbsp;on flickr

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Russia-Ukraine Crisis: Here's How Global Air Travel Is Being Scrambled By The Invasion

Air France, the French flag carrier and a subsidiary of the Air France-KLM Sponsored ADR&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>), is receiving a $4.7 billion injection from the French government to repair the carrier&rsquo;s financial health, which has been severely dented during the&nbsp;COVID-19 pandemic.
What Happened: The European Union signed off on the agreement with several significant strings attached: Air France must relinquish 18 slots per day at Orly, Paris&rsquo; second largest airport; a ban on dividends, share buybacks and executive bonuses; and a commitment of transparency&nbsp;showing how the funds are being used,&nbsp;including how it supports obligations linked to the EU&rsquo;s green and digital transformation.
The French government owned a 14.9% share in Air France before this agreement was reached and will now command a 30% stake. Air France posted an $8.4 billion loss in 2020 and is projecting an operating loss of $1.53 billion for the first quarter of this year.
KLM, the Netherlands&rsquo; flag carrier that has a business alliance with Air France, will not benefit from this assistance.
See Also: <a href="https://www.benzinga.com/news/21/03/20081786/frontiers-airlines-plans-ipo-what-investors-need-to-know">Frontiers Airlines Plans IPO: What Investors Need To Know</a>
Why It Matters: While the airline industry has suffered during the pandemic, flag carriers are able to receive financial intervention from their federal governments. Some notable examples include&nbsp;Deutsche Lufthansa AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dlaky#OTC">DLAKY</a>), $9.8 billion in May 2020&nbsp;from the German government; SAS AB (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sasdf#OTC">SASDF</a>), $1.37 billion from the Swedish and Danish governments;&nbsp;Aer Lingus, owned by International Airlines Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/babwf#OTC">BABWF</a>), an $180 million loan from the Irish government;&nbsp;El Al Israel Airlines Ltd.&nbsp;&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/elalf#OTC">ELALF</a>),&nbsp;$120 million from the Israeli government last month;&nbsp;and TAP Air Portugal&rsquo;s ongoing efforts to get $553 million in aid from the Portuguese government.
The privately-owned Ryanair Holdings plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ryaay#NASDAQ">RYAAY</a>) brought a lawsuit to the EU General Court, arguing that government bailouts of flag carriers violate the EU&rsquo;s rules on state aid. However, the court ruled in February against Ryanair, stating these actions were an appropriate response to a potential economic calamity. Ryanair said it would appeal the case to a higher EU court.
See Also: <a href="https://www.benzinga.com">American Airlines Flight Encounters UFO Over New Mexico</a>
(Photo by Leaderofthewave / Wikimedia Commons.)

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French Government Gives $4.7B Infusion To Ailing Air France: What You Need To Know

Air cargo is the cash cow for many passenger airlines during the coronavirus pandemic, an unusual result of decimated travel demand forcing passenger networks to shut down and carriers repurposing airplanes for cargo-only service. 

Other than cargo and loyalty programs, airline revenues are extremely weak as the industry racks up tens of billions of dollars in losses.

Air France-KLM (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aflyy#OTC">AFLYY</a>), Grupo Aeromexico (OTC: <a class="ticker" href="https://www.benzinga.com/stock/grpaq#OTC">GRPAQ</a>), IAG Group/British Airways and Korean Air significantly exceeded last year's cargo revenues in the second quarter. Air Canada (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acdvf#OTC">ACDVF</a>) cargo revenue surpassed passenger revenue for the first time ever. And at United Airlines Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>) cargo sales jumped by more than a third and represented more than a quarter of the company's total revenue.

Prior to the crisis, cargo revenues represented about 12% of total airline revenues, a share that declined the past decade and is under 5% for mainline U.S. carriers. This year, the International Air Transport Association (IATA) estimates cargo revenue worldwide will reach a near-record and more than double to 26% of the industry's total revenue.

That performance has led to new found respect for cargo divisions in the corporate suite after historically being viewed as a byproduct of passenger operations. And they will continue to play an outsize role in operations while passenger business rebuilds. But don't expect airlines to buy all-cargo planes or rebalance their strategic mix, airfreight analysts and airline industry officials say. 

The real money still is in flying people.

"If cargo isn't on the radar screen of every CEO, it is going to be as they figure out how their airline looks post-crisis. We know the environment is going to be really different. But with all of that adversity can come opportunity," said Neel Jones Shah, global head of airfreight at Flexport, a third-party cross-border logistics provider. "Cargo is going to have a bigger seat at the table and be more involved in network planning decisions, particularly at belly-only carriers."

That will be particularly true in the next couple of years as airlines decide which grounded routes to restart, largely based on whether cargo can make them profitable, airfreight executives said.

International passenger demand is 88% below last year's levels and will be slow to improve compared to domestic travel, according to industry analysts. Meanwhile, worldwide airfreight volumes are expected to rebound to 95% of pre-COVID levels in 2021 as the global economy improves, the IATA estimates. 

At United Airlines, which is operating about 1,100 cargo-only flights per month, international cargo serves as a base on which it can add passengers in key markets when it makes financial sense, United Cargo President Jan Krems said in an interview.

"Instead of flying nothing at all and then starting to fly with 20 or 30 passengers" the airline can build off its cargo network. "In the past that would be the other way around," he said.

United has not removed seats from any planes to add space for more cargo, <a href="https://www.freightwaves.com/news/korean-air-jettisons-passenger-seats-to-up-cargo-capacity">as some airlines have done</a>, relying instead on its traditional cargo hold and sometimes securing boxes on passenger seats. Krems, a veteran air cargo executive, has had more of a voice during six years at United than many of his colleagues at other airlines.

Cargo will no longer play second fiddle in operational decisions, experts agree. Jones Shah, a former cargo chief at Delta Air Lines, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dal#NYSE">DAL</a>), said cargo volumes and revenue will determine which cities get service first as airlines reopen their passenger networks.

"It's going to be potentially the tail wagging the dog a little bit in terms of how operations are restarted and which routes get higher priority," he said. "Because at the end of the day, cargo is going to be a super important part of maintaining positive cash flow as operations start back."

That's already the case at Air Canada and Swiss International Air Lines. 

Air Canada is operating flights to Hong Kong despite low passenger demand because interest in cargo is strong in that market, CEO Calin Rovinescu said during the company's quarterly earnings call with analysts July 31. "You have a series of completely different drivers for establishing what we're trying to do now."

SWISS's reintroduction of long-haul passenger service to Boston, Johannesburg and Dubai is made possible by high demand for cargo transportation, spokesman Marco Lipp said. 

International airlines generally have placed greater emphasis on cargo because they focus on long-haul, cross-border business, whereas U.S. carriers tend to think of domestic travel as their main market. And cargo divisions at true combination carriers such as Lufthansa, Cathay Pacific and Korean have long occupied an important place in the organizational hierarchy because they operate freighter fleets too. 

Cargo revenues at United and other airlines sharply increased despite a large drop in volume because<a href="https://www.freightwaves.com/news/peak-shipping-season-for-air-cargo-heats-up-to-full-boil"> scarcity has pushed cargo rates much higher</a>. Passenger aircraft normally provide more than 50% of global cargo capacity. Early in the pandemic when there was panic buying of personal protective equipment from China, spot rates were as much as five times higher than during typical shipping peaks. 

That pricing power will determine how long cargo divisions maintain clout, said Jesse Cohen, a Chicago-based air cargo consultant who previously held sales management positions at United Cargo and Etihad Airways. 

"I do think cargo will be consulted more on route potential. As long as the rates stay good and demand stays high, cargo contribution should be good and that should give cargo more influence," he said.

"If we get back to whatever normal is, and rates fall with a more normal up-and-down range for air cargo, I can see cargo's contribution slipping over time. Long term, it will revert to where fewer cargo flights will make the difference. But I do think in the next several years, airline cargo departments will be consulted more for what they can do and whether we should fly a route, how we should fly it, and what equipment to use."

<h3>Freighter prospects</h3>

The recent attention on cargo doesn't mean airlines are interested in acquiring freighters or converting older 767s or 777s into freighters. 

Krems said freighters pose too much risk.

"To have dedicated freighter capacity is very scary because our world is so opportunistic" and volatile, he told FreightWaves. 

United's fleet of widebody aircraft are essentially mini-freighters, Krems said. A Boeing 777-300, for example, can haul [66,000 to 76,000 pounds] of freight. And, he added, shippers that use temperature-controlled, expedited or other premium products, like the frequency of scheduled passenger flights over irregular, or weekly service, available from all-cargo carriers. 

United charters freighters from Atlas Air Worldwide Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aaww#NASDAQ">AAWW</a>), Deutsche Lufthansa AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dlaky#OTC">DLAKY</a>) and other airlines to meet short-term needs, "but to own your own freighters is very dangerous if markets are going down," Krems said.

The airfreight capacity crunch would be much worse without airlines dedicating some idle aircraft to cargo service.

"I'm glad the airlines stepped out of their comfort zone" and began offering temporary passenger freighters for charter and scheduled service, Jones Shah said.

<a href="https://www.freightwaves.com/news/author/erickulisch">Click here for more FreightWaves/American Shipper stories by Eric Kulisch.</a> / Contact: <a href="mailto:ekulisch@freightwaves.com">ekulisch@freightwaves.com</a>

RELATED NEWS:

<a href="https://www.freightwaves.com/news/passenger-airlines-make-more-from-cargo-sales-in-q2">Role reversal: Passenger airlines make more from cargo sales in Q2</a>

<a href="https://www.freightwaves.com/news/united-airlines-goes-on-cargo-tear">United Airlines goes on cargo tear</a>

<a href="https://www.freightwaves.com/news/korean-air-jettisons-passenger-seats-to-up-cargo-capacity">Korean Air jettisons passenger seats to up cargo capacity</a>

<a href="https://www.freightwaves.com/news/peak-shipping-season-for-air-cargo-heats-up-to-full-boil">Peak shipping season for air cargo heats up to full boil</a>

<a href="https://www.freightwaves.com/news/united-airlines-surpasses-5000-cargo-only-flights-since-march">United Airlines surpasses 5,000 cargo-only flights since March</a>

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