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
Trump's energy actions on his very first day
U.S. President Donald Trump released a. flurry of orders within hours of his inauguration on Monday. planned to improve the nation's currently recordhigh oil and gas. production and loosen up previous President Joe Biden's environment. agenda.
Here are some of the actions Trump handled his first day:
ENERGY EMERGENCY SITUATION
Trump stated a national energy emergency, meant to. supply him with the authority to reduce ecological. limitations on energy facilities and projects and ease. permitting for brand-new transmission and pipeline infrastructure.
It allows you to do whatever you have actually got to do to get ahead. of that issue, Trump informed press reporters while signing the order. And we do have that sort of an emergency situation.
Earlier in the day, he discussed the reason for the. declaration: The inflation crisis was triggered by massive. spending beyond your means and escalating energy rates, which is why today. I will likewise declare a nationwide energy emergency. We will drill. infant, drill.
He has formerly said that rising electrical power demand from. the innovation market, mainly to sustain expert system,. needed a huge grid overhaul.
LNG ALLOWS
Trump released an order for the U.S. to resume processing. export permit applications from brand-new liquefied gas. jobs supplying Asia and Europe, efficiently reversing a. pause Biden put in location in early 2024 to study the. environmental and economic impacts of the booming exports.
U.S. exports of the super-chilled fuel set a record in 2023. and the nation is the world's largest exporter of the item. However the time out in brand-new export allows produced uncertainty for a. multitude of jobs in the works.
Plants in Louisiana awaiting approvals include Commonwealth. LNG, Endeavor Global's CP2, Cheniere Energy's growth. to its Sabine Pass facility and Energy Transfer's Lake. Charles terminal. In Texas, a second stage of Sempra's. project Port Arthur LNG, awaits approval.
BYE-BYE PARIS
Trump ordered the U.S. withdrawal from the Paris environment. deal, a global arrangement to eliminate environment modification,. duplicating a relocation he made in his very first term.
Trump has called environment alter a scam, and states the accord. puts the United States at a competitive drawback to. geopolitical competitors like China.
I'm immediately withdrawing from the unfair, one-sided. Paris environment accord dupe, he stated. The United States will. not undermine our own markets while China contaminates with. impunity.
OFFSHORE WIND
Trump suspended brand-new federal overseas wind leasing pending an. environmental and financial evaluation, stating wind mills are ugly,. costly and harm wildlife.
We're not going to do the wind thing, he said.
A White Home news release said Trump provided an executive. action suspending overseas wind leasing from all areas of the. U.S. external continental rack pending an environmental and. financial evaluation.
The order is not anticipated to affect existing U.S. offshore. wind jobs being advanced by companies including Orsted. , Avangrid, Copenhagen Infrastructure Partners, and. Rule.
Biden saw wind power as a vital part of his technique to. decarbonize the power sector.
EV TARGETS
Trump took goal at electrical cars, revoking a 2021. executive order signed by Biden that sought to guarantee half of. all brand-new lorries offered in the United States by 2030 were. electric.
Biden's 50% target, which was not legally binding, had actually won. the assistance of U.S. and foreign automakers.
Trump stated in an executive order he was halting circulation. of unspent federal government funds for lorry charging stations from a. $ 5 billion fund, called for ending a waiver for states to embrace. zero-emission car guidelines by 2035 and stated his administration. would think about ending EV tax credits.
DRILL, BABY, DRILL
Trump signed an executive order rescinding Biden's efforts to. block oil drilling in the Arctic and along big areas of the. U.S. coasts, according to the White Home.
Trump also repealed a 2023 memo that disallowed oil drilling in. some 16 million acres (6.5 million hectares) in the Arctic, the. White Home revealed.
It's uncertain if the moves would suffice to bring in huge. drillers, who have avoided the area over the last few years. due to relatively high costs of development.
Biden this month prohibited brand-new overseas oil and gas development. along most U.S. coastlines ahead of Trump taking office.
REFILL THE STOCKPILE
Trump said he intends to fill strategic reserves ideal to. the top.
That's likely a recommendation to the U.S. Strategic Petroleum. Reserve, the nation's stockpile of crude oil, developed as a. buffer versus supply shocks.
After the intrusion of Ukraine, Biden had actually sold more than 180. million barrels of petroleum from the reserve, a record quantity.
The sales helped keep gas costs in check, however sank the. reserve to the most affordable level in 40 years.
We will bring rates down, fill our tactical reserves up. again, right to the top, and export American energy all over the. world, Trump said.
He will likely aim to Republican lawmakers to give him the. money for the oil purchases in the coming weeks.
(source: Reuters)