Memoirs for Thursday | The Spokesperson’s Review

CHICAGO – United Airlines lost $646 million in the fourth quarter and said Wednesday that the current spike in COVID-19 cases will hurt its March quarter results.

The airline said it expects first-quarter revenue to be down 20-25% from the same period in 2019. Non-fuel costs will increase by around 15% per seat .

The omicron variant of the virus appears in United’s plans for 2022.

The airline once hoped to operate 5% more flights than in 2019, but now expects to fly less this year than it did before the pandemic.

United said omicron hurts short-term bookings, but the outlook is better for spring and summer travel. The Chicago-based airline said it is on track to meet its long-term financial goals for 2023 and 2026.

Company officials are due to discuss the results with analysts on Thursday.

United’s loss in the fourth quarter compared to a loss of $1.9 billion a year ago and a profit of $641 million in the fourth quarter of 2019.

Excluding special items, the company said its adjusted loss was $1.60 per share. Analysts had expected a larger loss of $2.09 per share, according to a FactSet survey.

Revenue was $8.19 billion, down 25% from the same period in 2019 but better than analysts’ forecast of $7.96 billion.

Passengers traveled 28% fewer kilometers than two years ago.

United lost $1.96 billion for all of 2021, even after securing $4 billion in federal pandemic aid to help cover labor costs.

The airline ended the year with 84,100 employees, down from 95,900 at the end of 2019.

US and UK open talks to end steel and aluminum tariffs

WASHINGTON – The United States and the United Kingdom have agreed to start talks on removing import taxes imposed by former President Donald Trump on British steel and aluminium.

In a joint statement on Wednesday, US Trade Secretary Gina Raimondo, US Trade Representative Katherine Tai and UK Trade Secretary Anne-Marie Tevelyan said they would work towards a speedy agreement that ensures the viability of industries in the steel and aluminum in the two countries and also “strengthens their democratic alliance.”

In 2018, Trump imposed 25% tariffs on foreign steel and 10% on aluminum, calling them a threat to US national security – a move that outraged Britons, Europeans and other longtime American allies.

Although President Joe Biden has criticized Trump for alienating allies, he was slow to take office a year ago to reverse tariffs on metals, popular in politically important steel-producing states.

Last year, the Biden administration struck a deal with the European Union, agreeing to remove tariffs on EU metals that fall below new import quotas and continue to tax imports that exceed them. .

The EU dropped retaliatory tariffs on US products, including whiskey.

In a statement on Wednesday, the UK’s Department for International Trade said: “Our focus now is on reaching an early resolution that quickly lifts these tariffs and paves the way for our flourishing trade relationship to grow.”

US distillers hope talks with Britain will lead to an end to the UK’s remaining tariffs on US spirits.

Critics have consistently said Trump’s steel and aluminum tariffs have done little to address the real problem facing U.S. steel and aluminum producers: China’s overproduction. .

From thread reportsBut the United States already excludes most Chinese steel. Thus, Trump’s tariffs imposed sanctions primarily on US allies.

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