AAR Corp. (AIR) Declares $0.075 Quarterly Dividend; 2.1% Yield

AAR Corp. (AIR) Reports Election of H. John Gilbertson to Board

March 17, 2020 4:42 PM EDT

AAR (NYSE: AIR) announced today that H. John Gilbertson, Jr., retired Managing Director of Goldman Sachs Group Inc., has been elected to the Company's Board of Directors, effective immediately. The addition of Mr. Gilbertson increases the size of the Board from 11 to 12... More

U.S. to boost tariffs on Airbus planes Wednesday, adding pressure on airlines

March 17, 2020 3:03 PM EDT

By David Lawder and Andrea Shalal

WASHINGTON (Reuters) - The United States is expected to increase U.S. tariffs on Airbus planes by 50% on Wednesday, U.S. and European officials say, dealing a further blow to U.S. airlines already hammered by sharp drops in travel due to the coronavirus pandemic.

Tariffs on Airbus (NYSE: AIR) aircraft built in Europe are to increase to 15% from 10% at 12:01 a.m. Wednesday, as Washington pressures the EU to comply with a World Trade Organization ruling on illegal aircraft subsidies.

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Coronavirus-stricken airlines call for state aid to avert ruin

March 17, 2020 12:50 PM EDT

By Sarah Young and Laurence Frost

LONDON/PARIS (Reuters) - Airlines demanded urgent tax relief to avoid multiple bankruptcies as coronavirus disruption continued its spread across the global industry on Tuesday.

As EU transport ministers prepared to discuss financial support, the Airlines for Europe group called for widespread tax deferrals "to ensure that as many airlines as possible survive" the crisis.

The call came as the aviation industry's main global body, IATA, said the total government support needed worldwide could reach $200 billion. U.S. carriers have already asked Washington for $50 billion in grants and loans,... More

Exclusive: Airbus signals government help needed if crisis lasts months - sources

March 17, 2020 7:30 AM EDT

By Ilona Wissenbach, Christian Kraemer and Klaus Lauer

FRANKFURT/BERLIN (Reuters) - Europe's Airbus (NYSE: AIR) has signaled that some government support may be needed if the coronavirus crisis lasts for several months, three people familiar with the matter said.

The prospect of a worst-case scenario in which state help becomes necessary was raised in crisis talks on Monday between Germany's economy ministry and aviation industry representatives including Franco-German-led Airbus, they said.

The type of any government support, and how widely it would be distributed, was not discussed in detail, but... More

Airbus suspends production in France and Spain, shares slide

March 17, 2020 3:21 AM EDT

By Tim Hepher and Eric M. Johnson

PARIS/SEATTLE (Reuters) - Airbus (NYSE: AIR) announced plans to halt operations at its plants in France and Spain for four days as the coronavirus crisis spread from battered airlines to the manufacturing sector.

The most serious across-the-board disruption in Airbus production since a strike at then British partner BAE Systems in 1989 pushed its shares down 7% as a rebound in other European shares quickly faltered.

"This will allow sufficient time to implement stringent health and safety conditions in terms of hygiene, cleaning and... More

Qantas to slash 90% of international capacity as new virus restrictions bite

March 16, 2020 6:47 PM EDT

SYDNEY (Reuters) - Qantas Airways Ltd said on Tuesday it would cut its international capacity by around 90% until at least the end of May as travel demand to Australia plunges because of new restrictions on arrivals related to the coronavirus.

The changes, which include a 60% cut to domestic capacity, represent the grounding of 150 aircraft, up from plans to ground 38 announced last week.

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Exclusive: Airbus draws up contingency plan to slow or halt output - sources

March 16, 2020 1:37 PM EDT

By Tim Hepher

PARIS (Reuters) - Airbus (NYSE: AIR) has drawn up contingency plans to slow or stop production if France is placed under a drastic lockdown due to coronavirus, two people familiar with the matter said.

The plans, which... More

Brought to the brink by coronavirus, airlines seek emergency aid

March 16, 2020 7:08 AM EDT

By Sarah Young and Laurence Frost

LONDON/PARIS (Reuters) - Airlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more major routes.

Already battered shares in British Airways parent IAG , easyJet (NYSE: EZJ) and Air France-KLM plunged again as they scrapped most flights for the coming weeks, joining other major carriers that are all but halting operations in the face of the pandemic.

"It is now clear that the coronavirus is... More

New Zealand, Australia tighten lockdown to combat coronavirus

March 14, 2020 2:23 AM EDT

By Praveen Menon and Sonali Paul

WELLINGTON/MELBOURNE (Reuters) - New Zealand on Saturday announced the world's tightest border controls to combat the spread of coronavirus, requiring all incoming travellers, including its own citizens, to self-isolate for two weeks starting midnight Sunday.

New Zealand Prime Minister Jacinda Ardern said the extreme measures were needed to prevent the rapid spread of the virus.

"Alongside Israel, and a small number of Pacific Islands who have effectively closed their border, this decision will mean New Zealand will have the widest ranging and toughest border restrictions of any country in the world,"... More

Boeing supplier woes increase as coronavirus grounds more jets

March 13, 2020 6:00 PM EDT

By Tracy Rucinski and Eric M. Johnson

CHICAGO/SEATTLE (Reuters) - Boeing Co's (NYSE: BA) suppliers, already reeling from a 737 MAX grounding one year ago on Friday, face an even slimmer workload as flight cancellations spurred by the spreading coronavirus mean less airline demand for spare parts and services.

Equipment suppliers like United Technologies (NYSE: UTX), Honeywell (NYSE: HON) and Safran (NYSE: SAF) make a large portion of their profits in the aircraft business on the aftermarket for spares... More