08 October 2020 | Business

FAA issues new proposed procedures

The Federal Aviation Administration (FAA) issued a draft report on revised training procedures for the Boeing MAX, a key milestone to the plane's eventual ungrounding.

The FAA said the draft flight standardization board report would be open for public comment through Nov. 2 before the procedures are finalized. The proposal adds new training requirements to deal with a key safety system called MCAS tied to two fatal crashes that killed 346 people and led to the plane’s grounding in March 2019.

Faulty data that erroneously triggered MCAS to repeatedly activate played critical roles in fatal 737 MAX crashes in Indonesia and Ethiopia, a US House report released last month said.

The FAA is requiring new safeguards to MCAS, including requiring it receive data from two sensors, before it allows the 737 MAX to return to service.

Pilots must undergo new simulator training before they can resume flights, including training on multiple flight deck alerts during unusual conditions along with how to respond to a runaway stabilizer with timely pilot actions required. - Nampa/Reuters

Samsung likely to post 35% surge in third-quarter

Samsung Electronics Co Ltd's September-quarter profit likely surged more than a third, fuelled by strong smartphone sales and a rush order of memory chips from Huawei Technologies Co Ltd, analysts said.

Samsung, the world’s biggest memory chip supplier, is scheduled to announce preliminary July-September operating profit and revenue on Thursday.

Profit likely rose 35% to 10.5 trillion won (£7.04 billion) from the same period a year earlier, according to Refinitiv SmartEstimate, derived from analyst estimates weighted toward those more consistently accurate. Revenue likely rose 3%.

Huawei is likely to have built stockpiles before US sanctions from mid-September prevented it from buying chips made using U.S. technology without a license, analysts said.

Last year Samsung’s chip business accounted for roughly half of its profit. US rival Micron Technology Inc posted market-beating profit last month, likely helped by Huawei's rush to secure inventory, analysts said. – Nampa/Reuters

JPMorgan aims to back clients

JPMorgan Chase & Co aims to support its clients in expanding investment in clean energy and work towards net zero-emissions by 2050, a move that aligns with the Paris climate pact of cutting carbon output, the bank said on Tuesday.

The Trump administration is preparing to pull the United States - one of the world’s biggest emitters of planet-warming greenhouse gases - out of the Paris accord adopted by nearly 200 nations with the aim of limiting global warming to “well below” 2 degrees Celsius and ideally to 1.5 degrees.

While the use of lower-carbon technology is growing within the electric power and automotive sectors, JPMorgan said, few options are available to replace oil and natural gas in long-distance transportation and heavy industry.

To track the progress towards the goals set in the Paris Agreement, JPMorgan said it will aim to evaluate its clients’ carbon footprint relative to their output, and provide insight into changes in performance.

“The goals set in the Paris Agreement are commendable and ambitious, but the world is not on track to meet them,” said Daniel Pinto, co-president of JPMorgan Chase. “While the world has a long way to go, we at JPMorgan Chase want to do more, he added.” – Nampa/Reuters

Levi Strauss to expand retail footprint

Levi Strauss & Co announced plans to expand its retail footprint and forecast a smaller-than-expected decline in current-quarter revenue after surging online sales helped the denim maker post a surprise profit.

Shares of Levi climbed 10% in extended trading on Tuesday after the company said it would sell its Red Tab jeans collection at 500 Target Corp stores by the fall of 2021, up from 140 currently. Levi also launched its products at some Dick's Sporting Goods stores.

Many analysts had expected apparel makers to take a hit from coronavirus-driven closures of several department stores, but Levi now plans to open new stores and invest in its margin-driving online business, which grew 52% in the third quarter.

“While growth in our direct consumer business will outpace that of our wholesale channel, we continue to see opportunities to reach new consumers with new and expanded wholesale distribution,” chief executive Chip Bergh said on an earnings call.

Levi has also benefited from branching out into tops and women’s clothing, as strong demand for blouses, shorts and jeans accounts for a major chunk of its online sales growth. - Nampa/Reuters

Royal Caribbean extends suspension of sailings

Royal Caribbean Cruises Ltd RCL.N has extended suspension of sailings until Nov. 30, excluding those originating from Hong Kong, the US cruise operator said on Tuesday, as the Covid-19 crisis hurts demand for voyages.

The company said its cruise brand Celebrity Cruises will suspend its 2020-21 winter program in Australia and Asia, while its Azamara cruises will suspend winter sailings throughout Australia and New Zealand, South Africa and South America.

The cruise industry has faced the brunt of the health crisis as major outbreaks in ships were blamed for spreading the disease, resulting in government-mandated “no-sail” orders and trip cancellations.

Carnival Corp's CCL.N Cruise line Seabourn also said on Tuesday it will suspend upcoming 2020 and 2021 voyages for three cruise ships in its fleet until spring 2021.- Nampa/Reuters

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