Jet Airways suspends all flight operations - International Flight Network

Photo: © Aero Icarus

Indian airline Jet Airways has announced the suspension of all domestic and international operations. All flights will be cancelled, starting today, April 17th.

This comes after the airline had already grounded most of its fleet and temporarily cancelled large amounts of flights, including all international services.

The 1992-founded carrier, which until recently, was India’s second largest airline, is in deep financial problems and now failed to secure an emergency funding with its biggest lender, the State Bank of India (SBI). Jet Airways had more than US $1.2 billion in debt. It was unable to pay the salaries of many of its employees (including pilots), as well as leasing fees for most of its aircraft, maintenance costs, and fuel expenses. As a result, large parts of the airline’s fleet had not been flying for weeks and thousands of flights were cancelled.

It is currently unknown whether Jet Airways will be able to restart operations. A consortium led by the State Bank of India is in active talks with several parties regarding a sale of up to 75% of Jet Airways’ stake.

As of today, Jet Airways was operating less than 10 aircraft; down from 124 in December.

This is a developing story. Updates to follow.

Aviation journalist from Germany. Editor-In-Chief of International Flight Network.

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2019-04-17 14:59:57Z
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What Does Netflix Really Think About Disney and Apple's New Streaming Services? - The Cheat Sheet

The upcoming streaming battle among Disney Plus, Apple, and Netflix should have had a promotional poster mimicking Game of Thrones with “Winter is Coming.” In the real world, it’s really “Fall is Coming” considering Disney Plus will go live on November 12. Apple TV+ may have also gone live by this point, making the streaming world a much more complex place, but more fair with serious competition.

What we don’t know is how Netflix is prepared for this upcoming bombardment. They hadn’t made any comment until after the Disney+ and Apple TV+ announcements.

Take a look at what they said and if it’s complacency or complete assurance in having a strategic battle plan.

Netflix’s quarterly statement sounds confident

On April 16, Netflix released their quarterly statement and finally offered comment on the upcoming competition. Their financial reports show a clear gain each quarter since last year, bringing a total revenue of $4.5 billion to date.

This is an unsurprising success, mostly attributable to Netflix’s push for quality original programming. As they note themselves, there’s still room to grow considering they only represent 10% of the streaming audience. Their push for more globalized programming is going to become a strong focus in the second half of this year.

Is this really their battle plan to go up against Disney and Apple? In their “Competition” section of their report, they say they’re confident the competition won’t bring high churn rates. This is because they feel they’ve created a specific niche of programming people expect, which differs from the intended audiences of the other two companies.

Of course, many might look at this as just typical corporate speak with a faux happy face.

Netflix should still be worried about Disney’s binge-watch potential

Like Netflix, Disney Plus will be free of ads, contain original programming, and subscribers will be able to download all of the shows and movies on Disney’s service to watch offline. https://t.co/nz36hUbkU1

— news-journalonline (@dbnewsjournal) April 12, 2019

When you see what Disney+ is offering on their slate in the way of classics and originals, it’s truly awe-inspiring. The Marvel and Star Wars original shows they’re planning are enough to whet the appetite of any scrutinizing audience.

Just look at how ravenous the fans of Star Wars and Marvel Entertainment are alone. Disney will also have access to all the Fox material, meaning The Simpsons fans will be able to stream the entire series at will.

Combine this with every Disney classic available, and you have something that’s going to drive up binge-watch sessions.

With Apple also offering intriguing originals, many people might spend more time streaming on Disney Plus and Apple, leaving Netflix on the backburner.

The most likely scenario: Streaming develops into niches

You can also look at this new streaming competition as a way to segment audiences to find more of what they want. Not everyone can find a Disney product they want to see on Netflix. Apple and Disney won’t offer a lot of things Netflix already has and will have.

Also consider even more niche streaming services like Criterion Collection that offers independent and classic foreign films.

There isn’t a doubt most streaming service will cater to a particular demographic. Netflix may corner 18-34 adults. Disney will likely cater to the younger crowd, plus older who love the Disney classics. Apple may steal away some of the 18-34s, but all depends on the quality of the shows they promise.

One piece of reality to this is Netflix’s report is said to be slightly disappointing based on their expectations. If this sounds strange based on the billions they’re making, even a slight decrease could spell bigger trouble further down the line.

Netflix will likely be OK, with some acquisitions down the road

It’s going to take a decade to see how this emerging streaming landscape really pans out. Should Disney and Apple eat into Netflix profits over time, we could see Netflix bought out by a major conglomerate later. Disney even tempted the idea of buying them at one point a few years ago before formulating Disney+.

Netflix should take this competition seriously and begin to plan out strategy long beyond this year. We have a feeling they have since they aren’t known for being complacent from the inside.

Conversely, when you’re raking $4.5 billion a year, it’s easy to become stuck in a creative rut when you have the assumption your reliable audience will always be there.

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https://www.cheatsheet.com/entertainment/what-does-netflix-really-think-about-disney-and-apples-new-streaming-services.html/

2019-04-17 15:23:24Z
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2020 Toyota Highlander hits New York with one-two punch of looks, efficiency - CNET

The Toyota Highlander seems destined to live forever. With solid reliability and a price tag that won't send families scurrying away, it's a very strong midsize family SUV, and its sales have reflected that. However, we always found its complement of tech to be a little lacking. Now, at the 2019 New York Auto Show, Toyota's rolled out the redesigned 2020 Highlander, and yes, there's some good tech in there.

Most of the Highlander's fancy new tech is possible because Toyota is moving the SUV to its TNGA-K platform. If TNGA is looking like a familiar set of letters to you, that's probably because Toyota has spent the last few years transitioning nearly its entire lineup of unibody vehicles to one flavor of it or another.

For 2020, the new Highlander will offer two powertrains. The first is a relatively standard 3.5-liter V6 gasoline engine that makes 295 horsepower and 263 foot-pounds of torque. This engine uses Toyota's D4 dual fuel injection system which utilizes both direct fuel injection and multiport fuel injection (and which we first saw on the Toyota 86 née Scion FR-S and Subaru BRZ twins). This engine, bolted to the standard eight-speed auto is good for 22 miles per gallon.

Where things get really interesting is with the optional hybrid drivetrain. Toyota remains the undisputed king of hybrid tech, and it's really flexing its muscles there with the new Highlander. Rather than the Hybrid Synergy Drive that we're all used to, Toyota is debuting a next-generation system that it calls Predictive Efficient Drive.

Predictive Efficient Drive is a smart hybrid system in that it monitors and learns driver habits and compares that with GPS data for upcoming roads to decide when to best utilize the electric portion of the drivetrain for maximum efficiency. It's pretty cool, but what's cooler is that Toyota is claiming that the hybrid Highlander will offer its owners 34 miles per gallon combined. That's unreal in a big SUV and a 17% increase over the previous-generation hybrid.

The new Highlander pulls some of its styling cues from the recently refreshed RAV4 -- and that's not a bad thing.

Toyota

Outside, the new Highlander grows a little bit (2.36 inches in length, to be precise) but manages to look slimmer than the car it replaces. This is mostly down to the new, more aggressive styling, which we like. We also like that Toyota has worked to make this new design functional, tuning the side mirrors and even the taillights to reduce wind noise at speed. For 2020, the Highlander can now be had with its first-ever 20-inch wheels. There is also a unique set only available as an option on the top-level Platinum trim level.

The Highlander hasn't given up any ground in the interior room category either. It's still cavernous enough to haul all your kids and their crap around or swallow up a full Ikea-shopping trip's worth of flat-pack furniture with no complaints.

The Highlander's L and LE trim levels feature a standard second-row bench seat which means that, in total, it'll seat eight people. The XLE and Limited trim come with captain's chairs in the second row for a total capacity of seven people, though you can swap them for a bench. The top-level Platinum trim comes with captain's chairs in row two, and you are unable to switch those for a bench because luxury.

It doesn't matter which trim level you choose, though, if what you care about is safety tech. All 2020 Highlander models come standard with Toyota's SafetySense 2.0 ADAS suite. SafetySense 2.0 includes features like automatic emergency braking, adaptive cruise control, lane departure alert with steering assist, automatic high beams, lane tracing assist and road sign assist. Other safety features that aren't part of SafetySense are optional depending on your desired trim level, and these include blind-spot monitoring, parking sonar, and something called parking support braking.

The interior on the top-tier Platinum trim benefits from a 12.3-inch touchscreen infotainment system, while lesser models get an eight-inch unit.

Toyota

Inside, things get better still. The Platinum trim level gets a 12.3-inch touchscreen in its center console -- one of the largest in the segment -- and all other models get an 8-inch unit. The latest version of Toyota's infotainment platform also supports Apple CarPlay, Android Auto and Amazon Alexa as standard. It's about time Toyota.

Toyota hasn't given us any information on expected pricing or a potential on-sale date, but we are betting that the former will be pretty reasonable and the latter will be sometime later this year.

New York auto show 2019

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2019-04-17 13:32:00Z
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Qualcomm CEO on Apple settlement: We're not going to disclose how much the deal is worth - CNBC

A day after settling a multibillion-dollar battle with Apple, Qualcomm's CEO told CNBC he looks forward to working with the iPhone maker, but he would not disclose how much Apple agreed to pay.

"The reality is two great product companies, it's a natural position for them to work together and want to work together," Qualcomm CEO Steve Mollenkopf said.

Mollenkopf said the company will not disclose the payment Apple agreed to in the settlement. Following the announcement of the settlement on Tuesday, Qualcomm said it expects incremental earnings per share of $2 as product shipments ramp and it starts providing 5G chips to Apple.

Shares of Qualcomm were up more than 12% in early trading on Wednesday following a 23% rally on Tuesday after announcing the deal.

The legal battle had centered on a royalty dispute between the two companies. Apple claimed that Qualcomm was abusing its position as a dominant supplier by charging high prices as well as licensing fees for its patents. The chipmaker claimed Apple withheld payments it had agreed to. The settlement announcement came just as trial proceedings were beginning in San Diego, where each company sought billions in damages.

Despite the bitter legal dispute, Mollenkopf said Qualcomm and Apple are now focused on their products and working together.

"The energy of the companies right now is let's figure out how to ramp up as quickly as possible," Mollenkopf said. "That's where the focus is, that's what we are excited about."

Now that this dramatic chapter is behind Qualcomm, Mollenkopf said he is excited to focus on new opportunities, including 5G.

The 5G space opened for Qualcomm even more on Tuesday after Intel announced it would drop out of the 5G smartphone market, citing an unclear path to profitability.

"There's a lot of opportunity for us to go after that and we hope to have the ability to do even more," Mollenkopf said.

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Watch: Apple, Qualcomm settle royalty dispute

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2019-04-17 14:28:04Z
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Netflix stock slightly dips again after post-earnings rally - CNBC

Shares of Netflix were dipped more than 1% Wednesday morning following a short rally after the company reported Q1 revenue, earnings and subscriber numbers that beat Wall Street expectations. The drop shaved about $1 billion from Netflix's market cap, which hovered around $155 billion.

The stock initially took a slight dip of 1% after hours Tuesday after providing light guidance for the second quarter of 2019. While Netflix reported earnings per share of 76 cents compared to the 57 cents analysts expected, according to the Refinitiv consensus estimate, it said it only expects EPS of 55 cents in the second quarter compared to the 99 cents analysts had forecast.

Netflix also reported revenue of $4.52 billion compared to $4.50 expected, per Refinitiv. The company added 1.74 million domestic paid subscribers in the quarter compared to the 1.61 million expected, and 7.86 million internationally, compared to the 7.31 million forecast by FactSet.

The strong subscriber numbers seemed to have allayed some analyst's concerns over the potential threat of new streaming services including Disney's.

"NFLX's first quarter earnings may be controversial to some — mostly because of the light second quarter [subscription] outlook — but we think there's much more to like here than not," J.P. Morgan analyst Doug Anmuth wrote in a note following the report. "We continue to believe that Disney+ will not be a major threat to NFLX subscriber numbers given NFLX's quality & quantity of content, & that Netflix/Disney+ will not be an either/or decision."

Netflix addressed its new competition in its letter to shareholders Tuesday, calling out both Apple and Disney by name.

"We don't anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings," the company wrote.

During Netflix's live streamed earnings interview following the report, Chief Content Officer Ted Sarandos said the public will soon get more information about the company's viewership numbers.

"Over the next several months, we're going to be rolling out more specific granular reporting, first to our producers and then to our members and of course to the press over time," Sarandos said, adding that Netflix will "be more fully transparent about what people are watching on Netflix around the world."

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Watch: Netflix's Q2 earnings is going to slow down due to season and pricing, says analyst

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2019-04-17 13:30:11Z
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Intel quits 5G modem business hours after Apple settles with Qualcomm - Ars Technica

Enlarge / A 5G Intel logo is seen during the Mobile World Congress on February 26, 2019 in Barcelona.

Miquel Benitez/Getty Images

Intel says it is canceling a line of smartphone 5G chips that had been slated for 2020 launches. The announcement comes on the same day Apple announced a wide-ranging settlement with Qualcomm over patent issues.

Qualcomm has long been a dominant player in the wireless chip business for smartphones. Apple worries about becoming too dependent on a single supplier. So in recent years, Apple has encouraged Intel to expand its wireless chip offerings and offered Intel a significant share of its business for 4G chips in the iPhone.

Then last year, as Apple's legal battle with Qualcomm heated up, Intel became Apple's sole supplier for 4G wireless chips in the iPhone. Intel additionally was working to develop 5G chips for Apple to use in future versions of the iPhone. But recent reports have indicated that Intel was "missing deadlines" for the wireless chip that was slated to go into the 2020 model of the iPhone.

Fast Company reported earlier this month that "in order to deliver big numbers of those modems in time for a September 2020 iPhone launch, Intel needs to deliver sample parts to Apple by early summer of this year, and then deliver a finished modem design in early 2020."

If Intel had failed to provide Apple with 5G chips in a timely manner, that would have put Apple in an untenable position. The iPhone's competitors would be able to offer 5G capabilities using Qualcomm chips, while Qualcomm could have denied Apple access to 5G chips as long as the patent battle continued.

A bit of column A, a bit of column B...

Still, it's not clear whether Apple's settlement with Qualcomm forced Intel to leave the 5G market or whether Intel's impending exit from the 5G market forced Apple to settle with Qualcomm. It's likely that the causation ran a bit in both directions.

As long as Apple was battling Qualcomm, Intel could expect to supply chips for all of Apple's iPhones, providing enough scale to justify Intel's hefty investment in developing the technology. But now that Apple and Qualcomm are once again able to work together, Intel can expect Qualcomm to supply at least some of the 5G chips in the 2020 iPhone—and Apple would have had more leverage to negotiate better pricing.

"In the smartphone modem business it has become apparent that there is no clear path to profitability and positive returns," Intel CEO Bob Swan said in yesterday's press release.

Intel says that it will honor existing contracts for 4G chips and is re-assessing "opportunities for 4G and 5G modems in PCs, internet of things devices and other data-centric devices." The company will continue investing in 5G chips for network infrastructure.

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https://arstechnica.com/gadgets/2019/04/intel-quits-5g-modem-business-hours-after-apple-settles-with-qualcomm/

2019-04-17 12:02:00Z
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Here's what major analysts said about Netflix's mixed earnings report - CNBC

It was a tale of two stories for Netflix according to Wall Street analysts. While the company posted first-quarter revenue that beat estimates, it also warned that it expected light second-quarter guidance.

Shares of the streaming giant plunged 9 percent in extended hours trading after the report but by Wednesday morning had pared those losses to just over 1 percent.

In a letter to investors, CEO Reed Hastings said the U.S. price increase contributed to churn, or customer turnover. Hastings also said he wasn't concerned about rivals' new streaming services.

Worries about churn are overblown according to analysts at UBS. "Chill about Netflix churn fears," analyst Eric Sheridan said.

"We see NFLX as a top pick as it capitalizes on the opportunity to be the global leader in streaming media & the competitive moat around its business widens (via a mix of content spend, marketing, & scale)," Sheridan added.

"NFLX's first quarter earnings may be controversial to some — mostly because of the light second quarter [subscription] outlook — but we think there's much more to like here than not," J.P. Morgan analyst Doug Anmuth said in a note to clients after the report. "We continue to believe that Disney+ will not be a major threat to NFLX subscriber numbers given NFLX's quality & quantity of content, & that Netflix/Disney+ will not be an either/or decision."

There's still room for shares to go higher, Goldman Sachs analyst Heath Terry said.

"As Netflix's content investments, distribution partnerships and marketing spend drive subscriber growth significantly above consensus expectations and the company approaches an inflection point in cash profitability, we believe shares of NFLX will continue to significantly outperform," he said.

The reaction from analysts at Credit Suisse was a bit more subdued.

"Overall, while not the net add beat many were hoping for, we believe outlook commentary was quite bullish, especially record first half paid net additions in the face of record price increases, revenue growth accelerating the next few quarters., and a very strong second half content slate," analyst Doug Mitchelson said.

Here's what else analysts think of Netflix's earnings report:

"Chill about Netflix churn fears. Pricing Moves On Full Display & Remains Key Positive Driver. Both for the Q1 EPS report and mgmt Q2 guide, the impact of recent pricing moves in a handful of countries was on full display. In particular, better revenue forecast and weaker sub guide (though we view this as a conservative framing by mgmt) will likely dominate the ST debate. Moving beyond that, we would focus investor attention on NFLX's key attributes: a) pricing power in developed mkts; b) potential for pricing tiers in developing economies to open up greater scale; c) compound revs at a 20%+ CAGR; d) expand OI margins; e) lessen its dependence on capital market fundraising; & f) has low/no regulatory headwinds. As a result, over the LT, we see NFLX as a top pick as it capitalizes on the oppty to be the global leader in streaming media & the competitive moat around its business widens (via a mix of content spend, marketing, & scale)."

"NFLX's 1Q19 earnings may be controversial to some—mostly because of the light 2Q sub outlook—but we think there's much more to like here than not. Key positives that stand out to us: 1) 1Q paid net adds of 9.6M, above expectations of ~9.5M, led by Int'l upside to the guide of 560k; 2) 1Q operating margin of 10.2% was well ahead of our & consensus 8.9% on lower than expected marketing, & even w/some spend shifting later in the year NFLX's margins should still move sequentially higher through '19; 3) 1H19 paid net adds are guided up 7% Y/Y—even w/2Q down Y/Y on price increases during a seasonally softer quarter—and NFLX expects 2019 paid net adds to be greater than in 2018. Pushback will come from: 1) a lighter 2Q sub guide, w/paid net adds of 5M below our/consensus 5.4M-5.5M, driven mostly by US, but NFLX is factoring in price increase impact related to the US, LatAm incl Brazil & Mexico, & parts of Europe; 2) Larger 2019 FCF burn at ($3.5B) on higher cash taxes, but NFLX reiterated improvements in 2020 (we think meaningful) & its push to become self-funding."

"Domestic growth concerns validated: We had highlighted (in an earlier report) the risk to Q2 sub guidance due to recent price increases over a compressed time line, in a seasonally weaker quarter. Q2 US guidance therefore came in lower at 300k vs our and consensus estimates. This guide is comparable to Q2-16 when NFLX's price increase resulted in higher churn. However, at that point, NFLX's US penetration rate was 46% compared to 60% today and the price increase was $1 vs $2 this year. Therefore, while the guidance does highlight higher churn, the implicit increase in churn is actually lower vs 2016, normalized for the degree of price increase, penetration rates and absolute price. This points to the fact that underlying US business trends continue to improve despite the headline. This impact should be further muted in 2H'19 given the new seasons of some of the most popular shows (Stranger Things, 13 Reasons Why, Crown) and movies."

"Netflix paid net add guidance missed Street estimates as price hikes both in the U.S. and in key international markets create a drag on subscriber gains. Guidance for negative free cash flow in 2019 was increased to -$3.5 billion from -$3 billion on higher cash taxes and investment in real estate and production facilities. Netflix guidance for a 13% 2019 operating margin remained constant. Average revenue per user is set to accelerate on price hikes globally, though FX remains a headwind."

"As Netflix's content investments, distribution partnerships and marketing spend drive subscriber growth significantly above consensus expectations and the company approaches an inflection point in cash profitability, we believe shares of NFLX will continue to significantly outperform. We remain Buy rated (on CL) and raise our 12-month price target to $460 from $450 to reflect faster subscriber growth expectations, particularly in international markets."

"We reiterate our Outperform rating and $480 price target in the wake of solid Q1 results. Global Paid Sub Growth is still on track to accelerate Y/Y. Management remains confident in recent U.S. pricing increase. AND NFLX still has premium Revenue growth and Operating Margin expansion. Long-Term Buy thesis FULLY intact"

"We expect HSD global organic ARPU growth in '19, and Netflix expects another year of record net adds. This pricing power is the result of years of investment in content, marketing and technology and speaks to Netflix's scale. It is also the key to driving improved FCF trends and ultimately shares."

"Netflix's 1Q19 revenues came in-line with forecasts, while 2Q guidance was softer than expected. As expected, both domestic (1.74mn) and int'l (7.8mn) paid sub net adds were above consensus, while adj. EBITDA margin of 12.9% was also above est. of 11-12%. Also as expected, 2Q19 total revenue guidance of $4.93bn is slightly below cons. forecast of $4.96bn, partially driven by the slowdown in 2Q domestic and intl paid sub net adds guidance (0.3mn and 4.7mn respectively), likely reflecting seasonality and the timing of price increases. Mgmt also reiterated its commitment to operating income margin expansion to reach a 13% target in 2019. With implied global penetration of only 23%, meaningful pricing power, and content expense leverage, we forecast ~$42bn in revenue and $18 in GAAP EPS in 5 years. We believe this continues to support a 12-month target price of $420 and, as a result, we maintain our Buy rating."

"Overall, while not the net add beat many were hoping for, we believe outlook commentary was quite bullish, especially record 1H paid net additions in the face of record price increases, revenue growth accelerating the next few qtrs., and a very strong 2H content slate – mgmt indicated they are "not seeing anything inhibiting a long run-way of growth". Investor consternation will now shift from price increase churn to competition, but Disney+ concerns are misplaced, in our view. Due to near-term tax structure changes, we lowered 2019 EPS $0.90y to $3.28 and 2020 $0.29 to $6.00."

"All said, 1Q19 results do little change our view on the trajectory of Netflix's fundamentals. We reiterate our In Line rating /$350PT and continue to view the risk / reward balance at these levels as fair (shares trade at 30x our 2022 EPS forecast, and we project three more years before the company becomes FCF-breakeven)."

"Netflix reported upside for Q1'19 and provided a mixed Q2 outlook. Most importantly, int'l sub adds were ahead of expectations for the quarter and essentially in-line for the Q2 guide. Q1'19 domestic subs were also ahead of consensus, but Q2 domestic sub guidance is below the Street. Q1'19 domestic and int'l contribution profit were each ahead of the Street driving EPS upside. The revenue outlook for Q2 is in-line, while the EPS outlook is below consensus estimates, but EPS is impacted by a change in accounting that results in a higher tax rate for the quarter. Despite an onslaught of new streaming services, we expect Netflix to continue to capture a significant portion of traditional content dollars as they migrate to streaming."

"Netflix's quarterly results read largely as expected, with upside to 1Q U.S. and Int'l Paid Net adds, and a soft 2Q guide for U.S. (~300k, roughly in line with us but below Street's 650k). While bears may nitpick that Int'l Paid Net add guidance was below at 4.7M, it misses the bigger picture. 1H19 Int'l Paid Net dds are projected to increase +19% y/y and tracking ~435k (4%) ahead of Street expectations. 2019E continues to shape up to be a record Paid Net dd year for Netflix. Reiterate Outperform."

"Lowering target to $410 from $425 on modestly weaker FY19/20 subscriber outlook, partially offset by higher APRU, but maintaining Outperform rating. 1Q global paid subs +25% y/y, modesty slower than +26% in 4Q, with streaming revenue +29% ex. FX, vs. 35% in 1Q, as global ARPU increased 3% ex. FX vs. +7% in 4Q. Higher US price causing modest churn. Margins exceeded guidance, but company maintained prior FY19E margin outlook. Despite new competitive entrants (AAPL and DIS), NFLX cites potential for further upside with only 2% of global downstream mobile internet traffic vs. 10% peak viewing share in US. Product bundles have helped mobile adoption and shown solid traction thus far. Testing various plan prices in India."

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https://www.cnbc.com/2019/04/17/wall-street-analysts-react-to-netflixs-earnings-report.html

2019-04-17 11:13:24Z
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