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
US LNG export gains at danger if Trump wins election and boosts tariffs, experts state
U.S. exporters of melted gas (LNG) might face new difficulties if Republican Donald Trump wins the presidential election because of a proposed 60% tariff on imports from China, regardless of the former president's pledge to speed brand-new energy licenses, say experts.
The U.S. became the world's biggest exporter of the super-chilled gas last year, producing tens of billions of dollars in annual trade. Exports will balance 12.1 billion cubic feet per day this year, almost double their level 4 years back, according to U.S. government estimates.
Even higher possible gains have actually been stalled because President Joe Biden's Energy Department stopped briefly approvals for new LNG export permits to non-free trade arrangement nations. A. federal judge in July obstructed the administration's ability to. continue the time out in approvals of applications and in. September, DOE authorized New Fortress Energy Inc to. export up to 1.4 million tonnes a year of LNG.
The Democratic governmental project of Vice President. Kamala Harris has not stated whether she would attempt to continue. the pause.
Trump has promised to speed up energy permitting, but. this promise might be damaged by his strategy to apply 60% tariffs. on imports from China, said Erica Downs, Senior Research Scholar. at Columbia University's Center on Global Energy Policy. She. cautioned that China might reciprocate by avoiding brand-new contracts. and re-exporting U.S. cargoes to other countries.
RE-EXPORTS TO AVOID TARIFFS
The location versatility of U.S. LNG indicates that Chinese. business can on-sell it to other buyers to avoid paying the. tariff, Downs told Reuters.
Last year, China accounted for about 4% of overall U.S. LNG. sales. Its business have long-lasting agreements to take practically 28. million metric heaps per year (MTPA) of LNG in the future, 7. times what it purchased in 2015.
Trump will stimulate investment, but at the expense of. heightened trade risks, particularly with China, included Alex. Munton, consultancy Rapidan Energy's director of worldwide gas.
The biggest U.S. LNG exporter, Cheniere Energy, in. June stated it agreed to sell a subsidiary of China's ENN Natural. Gas 1.8 MTPA of the superchilled gas, with deliveries to. commence in mid-2026. The agreement permits ENN to ship the fuel. anywhere in the world.
Gas demand in Louisiana and Texas, the two states. with the most LNG export centers, expanded by 116% in between. 2016 and 2022, driven mostly by increased demand for feedgas. for LNG exports, according to EIA data.
SCARE TECHNIQUE
The Trump campaign has actually turned down claims that his proposed. tariffs might injure LNG exports, calling it a scare technique by. challengers. Tariffs and deregulation will increase U.S. tasks and. production by motivating companies to drill and produce more. oil and gas, campaign spokespeople said.
Kamala Harris is trying to fearmonger and lie about his. plan although she and Joe Biden kept the Trump era tariffs in. location, said project spokesperson Anna Kelly.
Information from the U.S. Energy Information Administration reveals. Trump's 2018 sanctions on China triggered a 12-month freeze of. Chinese imports of U.S. LNG that lasted until March 2019.
If China wished to strike back over tariffs, U.S. LNG and oil. would be high on its list of imports considering that they rank amongst the. most valuable U.S. exports to China, stated Columbia's Downs.
There are other LNG exporters that undoubtedly would be. very happy to offer more LNG to China, Downs told Reuters.
The Harris governmental campaign did not respond to a. request for comment. U.S. ecological groups that oppose new. LNG plants see Harris as a possible ally.
Harris has been a tested environment champion throughout her. profession, said Mahyar Sorour, Sierra Club's Director of Beyond. Fossil Fuels Policy.
3 U.S. business whose projects deal with potential. allowing delays - Energy Transfer, Venture Global LNG,. and Commonwealth LNG - declined to comment.
Top exporter Cheniere Energy, which has new tasks on the. drawing board, stated it has worked with both Democratic and. Republican administration and is confident it will do so after. the Nov. 5 election.
(source: Reuters)