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Bloomberg News reports that Brookfield and GIC are close to a binding offer for National Storage.
Bloomberg News, citing sources familiar with the situation, reported Sunday that Brookfield Asset Management (BAM) and Singapore's GIC were close to making a binding bid for National Storage REIT. The deal could value the Sydney listed company at around 4 billion Australian Dollars ($2.65 billion). The report stated that the parties were finalizing the details of the deal, which could be announced as early as Monday. Brookfield and GIC had also made good progress in their due diligence process on National Storage. The report states that the price for the binding offer will likely be the same in November as the conditional offer. Could not verify immediately the report. National Storage REIT announced last month that it received an A$4.02 Billion buyout offer by a consortium consisting of Brookfield, Singapore's GIC and other companies. This would have been the largest real estate privatisation in Australia. ($1 = 1,5067 Australian Dollars) (Reporting and editing by Andrea Ricci in Bengaluru)
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Canada's Air Transat suspends flights after pilots union strikes notice
Transat AT, a Canada-listed tour operator, announced on Sunday that Air Transat, Canada, will suspend its flights from December 8 to 9 after receiving a 72-hour notice of strike by ALPA, the union which represents the 700 pilots at the company. Air Transat's pilots may begin their strike as early at 3:00 am. Air Line Pilots Association said that the strike would begin at 3:00 AM ET on December 10. The Canadian leisure carrier deemed the strike announcement "premature", given the progress made at the bargaining tables. It said that it had offered compromises including a salary increase of 59% over five years, and improved working conditions. Bradley Small, Chair of the Air Transat Master Executive Council, said: "There's still time to avoid striking, but unless there are significant improvements at the bargaining tables, we may strike to get a modern contract." Transat AT reported that Air Transat was working with the union in order to avoid a strike, but it will stop all operations on December 9th to ensure passengers and crews are not left stranded. Transat AT Inc. offers Air Transat as a brand. Reporting by Abu Sultan in Bengaluru and Shivani Tana; editing by Andrea Ricci
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American Airlines asks for notices regarding the bankruptcy of Spirit Airlines
According to a court document, American Airlines has filed an appearance notice in the bankruptcy proceedings of Spirit Aviation and requested that all notices and documents be served going forward. Spirit filed for bankruptcy a second-time in August as it struggled to deal with its dwindling reserves of cash and increasing losses. The airline stated that it was looking at all possible options in its restructuring, including a merger and sale of the business. American Airlines filed a request in the Southern District Court of New York on December 5, requesting to receive all notices, including operating reports and plans of reorganization, as well as liquidation statements. Spirit and American didn't immediately respond to a comment request. Spirit Airlines has previously stated that they are considering all options to ensure the future of their airline. Spirit actively explores all possible opportunities. The merger or sale of Spirit could maximize value. Spirit stated in a SEC filing in October that the company was actively involved in discussions with several interested counterparties. The U.S. Supreme Court earlier this year rejected a request from American Airlines to overturn a judicial ruling that found the company's scrapped U.S. Northeast Partnership with JetBlue Airways in violation of federal antitrust laws. JetBlue and United Airlines have partnered in a partnership since then. You can also Both airlines' websites allow travelers to book flights. Spirit Airlines urged the U.S. Transportation Department in June to reject the collaboration of United and JetBlue. Spirit Airlines said it was anti-competitive and that other large airlines would pursue similar deals. Reporting by Doyinsola Oladipo in New York, editing by Andrea Ricci
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American Airlines asks for notices regarding the bankruptcy of Spirit Airlines
According to a court document, American Airlines has filed an appearance notice in the bankruptcy proceedings of Spirit Aviation and requested that all notices and documents be served going forward. Spirit filed for bankruptcy a second-time in August as it struggled to deal with its dwindling reserves of cash and increasing losses. The airline stated that it was looking at all possible options, including a merger and sale of the business. American Airlines filed a request in the Southern District Court of New York on December 5, requesting to receive all notices, including operating reports and plans of reorganization, as well as liquidation statements. Spirit and American didn't immediately respond to a comment request. Spirit Airlines has previously stated that they are considering all options to ensure the future of their airline. Spirit actively explores all possible opportunities. The merger or sale of Spirit could maximize value. Spirit stated in a SEC filing in October that it was actively in talks with several interested counterparties. (Reporting from Doyinsola Oladipo in New York, editing by Andrea Ricci.)
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Southwest Airlines fined $11 million by the US for holiday meltdown in 2022
The Trump Administration announced Saturday that it would waive a $11 million fine on Southwest Airlines, as part of the $140 million settlement for the airline's meltdown during a busy travel season in December 2022. Southwest Airlines in December 2023 will pay $35 million in cash and $90 million worth of travel vouchers for passengers who are delayed by at least 3 hours in reaching their final destination due to an airline issue or cancellation. This is because the airline handled the meltdown which stranded over 2 million passengers. In a written order, the U.S. Transportation Department cited Southwest Airlines' decision to invest more than $1 billion into its operations since the 2022 crash to improve performance and reliability as the reason for its decision to waive the remaining $11 millions of the fine due by January 31. Reporting by David Shepardson, Editing by Chizu nomiyama
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Merz and Macron to discuss fate FCAS fighter jet in the week of December 15, says industry source
A source in the industry said that the German Chancellor Friedrich Merz, and the French President Emmanuel Macron plan to discuss the fate the troubled Franco German fighter jet project FCAS – or SCAF – during the week of December 15. The Future Combat Air System (FCAS), a 100 billion-euro ($116-billion) project that was floated over eight years ago, is mired in disputes among the companies concerned about workshare and prized technologies. A source with knowledge of the project said earlier this week that the defence ministers from the participating countries, Germany, France, and Spain, will meet on the 11th to discuss it. The German government spokesperson refused to comment on the exact date but only said that the appointments made by the chancellor will be made public at the appropriate time. The French government did not respond to a request for comment. The French government was not immediately available for comment.
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Bloomberg News reports that Indian and US investigators will meet next week to discuss the Air India crash.
Bloomberg News reported that India would send investigators next week to the United States to review data collected on the fatal Air India crash in June, with the National Transportation Safety Board. The report cited people with knowledge of the situation as saying that Indian investigators planned to share their findings, which included any information they gleaned from cockpit voice and flight recorders. Could not verify immediately the report. The report stated that the meeting would take place at the NTSB headquarters in Washington D.C. Other parties, including Boeing representatives, will also be present. Boeing referred all comments to the Aircraft Accident Investigation Bureau. NTSB, India’s civil aviation ministry, and the AAIB didn't immediately respond to requests for comments. Shortly after takeoff, the Boeing 787 Dreamliner departing from Ahmedabad in India and heading to London began to lose thrust. The 242 passengers and 19 people on the ground were all killed, except for one. (Reporting and editing by Aidan Lewis, Aurora Ellis and Yazhini MV from Bengaluru)
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IAEA: Ukraine's Zaporizhzhia Nuclear Plant temporarily lost electricity overnight
The International Atomic Energy Agency reported on Saturday that Ukraine's Zaporizhzhia Nuclear Power Plant temporarily lost all of its off-site electricity overnight. It cited Director General Rafael Mariano Grossi. Since March 2022 when Russian forces seized much of the southeast Ukraine, this nuclear plant - Europe's biggest - has been under Russian authority. The plant is currently not producing electricity, but it relies on external power in order to keep the material cool and prevent a meltdown. IAEA reported that the plant had been reconnected after a 30-minute outage to a power line of 330 kilovolts (kV). The Russian-installed plant management said that the 750 kV power line, which was also previously disconnected, was now back in operation. Stable power supply was restored, they added. The management stated that radiation levels were normal. IAEA said that widespread military activities over night affected Ukraine's power grid, and caused operating nuclear power plants to reduce their output. Reporting by Gnaneshwarrajan and Yazhini MV in Bengaluru, Editing by Aidan Lewis & Bernadettebaum
Maguire: Turkey's increasing power pollution is a sign for the future
In 2024, Turkey overtook Germany as Europe’s leading polluter of fossil fuels in power production. This marked a significant shift in the main polluting centres away from Europe’s traditional industrial centers to its edges.
The rise of Turkey in terms of pollution extends far beyond its power. In recent years, the production of energy-intensive products such as steel and chemicals in Turkey has increased while that of Germany has decreased.
The divergence of smokestack patterns highlights a change in location for Europe's most polluting sectors, moving from areas with strict emission limits and overloaded power grids into regions with less stringent pollution standards and rapidly growing energy supplies.
This means that pollution trackers must now extend their monitoring beyond Europe's industrial heartland and into emerging economies, where policies may conflict with climate change goals.
Emissions Toll
According to Ember, the energy think tank, Turkey's electricity sector will discharge 154,5 million metric tonnes of carbon dioxide in 2024 from fossil fuel based power generation.
This is the first time since decades that Germany has not been Europe's biggest emitter of CO2.
Turkey's dependence on coal as the main source of power and electricity is the key factor behind its swelled power pollution.
In 2024, coal-fired power stations will generate around 35% (or more) of Turkey's electricty. This is the second highest coal share in major European economies after Poland.
In addition, Turkey's coal-fired electricity output reached its highest level ever in 2024, marking the third consecutive year of growth.
This coal consumption trend is in contrast to that of Germany, Poland, and other coal-consuming countries where coal usage has been steadily declining this decade.
In fact, Turkey is the only major country to have seen a growth in fossil fuel emissions by 2024. This was due to its expansion of the use coal as a power source while other major European countries reduced their coal usage.
Ember reports that Turkey's fossil fuel emissions increased by approximately 11 million tonnes of CO2 or 7.5% in 2024 compared to 2023.
This compares with declines in fossil-fuel power emissions of 9% for Germany, 12% for Italy and 13% for the United Kingdom by 2024.
STRUCTURAL CHANGES
The trends in emissions for the power sector is a sign that broader changes are taking place across Europe.
Germany, Europe's former industrial superpower, has dramatically reduced its output of key products, such as steel and fertilizers, due to high electricity costs and natural gas shortages, since Russia's invasion in Ukraine 2022.
Over the same time period, production of these same industrial ingredients in Turkey has increased. A large population, as well as policy support for sectors that create jobs, has spurred growth across many industries.
The sharp differences in electricity and power prices between the two countries have also been a factor in these industrial shifts.
According to Eurostat, the average household electricity price in Turkey will be less than 10 cents per kilowatt-hour (KWh) during the first half 2024. In Germany, this is nearly 40 cents/KWh.
The importance of different economic growth rates has also been emphasized.
According to the International Monetary Fund, since 2020, Turkey has experienced an average annual growth of 5.3% in its gross domestic product, compared with less than 1% for Germany.
Turkey's GDP is expected to grow by 3.4% per year between now and the end decade. Germany will only see a 1% growth.
These projections of growth should continue the trend of industrial relocations from Germany to Turkey in the coming years.
To maintain a competitive edge, Turkey's electricity costs must be lower than those in northern Europe where the industries are still struggling with lower natural gas volumes compared to a few short years ago.
This means that Turkey's energy producers will continue to be heavily reliant upon coal to meet their needs. It should keep the overall cost of energy lower than anywhere else in the region, even if this leads to an increase in emissions.
These are the opinions of the author who is a market analyst at.
(source: Reuters)