Latest News
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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
Wall St climbs on financial optimism, awaits Trump policies
U.S. stocks rallied on Friday on optimism over the health of the economy and path of interest rates as investors braced for a. multitude of policy modifications under the inbound Trump administration.
The S&P 500 and Dow Industrials were poised for their. greatest weekly portion gains because late November and the. Nasdaq fared its best because early December. Information this week. eased fears that inflation would resurge while expectations. have actually grown that the Federal Reserve will bump up the timing and. magnitude of rate walkings this year.
The Commerce Department reported on Friday that U.S. single-family
homebuilding rose
to a 10-month high although demand will likely be curbed by. rising home mortgage rates and an oversupply of new residential or commercial properties.
A different report revealed a rise in production. output last month.
President-elect Donald Trump will be inaugurated on. Monday, when U.S. markets will be closed for the Martin Luther. King Jr.
Day vacation. Unpredictability over the potential for a few of Trump's. policies such as tariffs to rekindle increasing inflation pressures. and slow the course of Fed rate cuts has actually weighed on equities in. current weeks.
A solid start to the corporate earnings season with. results from lots of big banks has also buoyed stocks, with the S&P. 500 bank index up almost 7% on the week.
More powerful growth, feeding into much better business. profits, you're type of leaving to a start to the year here. that there's lots of concerns both in terms of financial and. financial policy and what the Trump agenda will look like, or. what shape it will take, said Jim Baird, chief financial investment. officer at Plante Moran Financial Advisors in Southfield,. Michigan.
Regardless of all those concerns, we're beginning the year on. a reasonably better footing than we have actually been on maybe in the. last couple of years.
The Dow Jones Industrial Average rose 397.40. points, or 0.92%, to 43,550.93, the S&P 500 climbed 68.27. points, or 1.15%, to 6,005.61 and the Nasdaq Composite. gotten 319.95 points, or 1.65%, at 19,658.24.
The benchmark U.S. 10-year note yield edged up. 0.1 basis indicate 4.607%, however has actually alleviated off a 14-month high of. 4.809% hit previously today.
Cleveland Fed President Beth Hammack stated
inflation stays
an issue, as current information has indicated a resistant. economy. Nevertheless, Fed Governor Christopher Waller
suggested
on Thursday the central bank might cut rates faster and. faster than expected as inflation is likely to continue to relieve.
The Fed is widely expected to keep rates consistent at its. policy conference later on this month, with the markets pricing in a. greater than 50% possibility for a cut of a minimum of 25 basis points. up until June, LSEG data showed.
10 of the 11 S&P 500 sectors increased, led by a gain of. more than 2% in consumer discretionary stocks, while. healthcare, down 0.26%, was the sole decliner.
Nvidia gained 3.2% and Broadcom rose. 3.6% after Barclays raised its cost targets on the stocks,. assisting to boost the PHLX semiconductor index by 2.8%.
In addition, Intel rose 8.6% on
speculation
of a takeover and Qorvo soared 13.5% after. activist investor
Starboard Value divulged
a 7.7% stake in the chipmaker.
Shares of social media firms such as Meta had actually a. muted response after the Supreme Court ruled versus TikTok's. obstacle to a law that would force its app's sale or restriction in the. United States. Meta shares edged up 0.4% while Snap. lost 2.5%.
Advancing problems outnumbered decliners by 2.32-to-1 on. the NYSE and by 1.76-to-1 on the Nasdaq.
The S&P 500 posted 24 new 52-week highs and no brand-new lows,. while the Nasdaq Composite recorded 63 brand-new highs and 61 new. lows.
(source: Reuters)