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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
Georgia's new nuclear plants drive US power sector clean-up: Maguire
New nuclear power plants in Georgia have assisted flip the state's power mix so that electricity from clean energy sources has actually exceeded nonrenewable fuel source electrical energy output for the very first time.
Georgia's higher nuclear generation has in turn assisted to slash the carbon intensity of power generation within the Southern Providers power system, which produces electrical energy and power for the majority of Georgia, Alabama and parts of Mississippi.
The generation mix turnaround and drop in power emissions demonstrate the effect that a broadened nuclear fleet can have on energy systems, despite the significant cost overruns and construction delays that beleaguered the Georgia reactors.
LONG TIME COMING
The Vogtle Electric Getting Plant in Waynesboro, Georgia is the biggest nuclear plant in the United States, with a power generating capability of 4,536 megawatts (MW).
The first 2 reactor systems got in production in the late 1980's, and in between 2012 and 2022 generated around 27% of Georgia's electrical power, according to data from Ember.
Considering that the start of 2023, that nuclear generation share has climbed to 30% thanks to the start-up of the last 2 reactors at the Vogtle site.
Preliminary building and construction on the last 2 reactors - Vogtle 3 and Vogtle 4 - started in 2009, and were originally slated to cost around $14 billion, according to a Vogtle Construction Keeping track of report.
However, a series of advancement hold-ups and enormous cost overruns suggested the final reactors just went into production within the last 18 months, nearly 15 years after project commencement.
The last costs for systems 3 and 4 was over $35 billion, according to a report entitled Plant Vogtle: The Real Cost of Nuclear Power in the U.S., provided this year by a group of Georgia customer advocates.
The report's authors declare that the last expense of electricity produced by the Vogtle reactors will be $10,784 per kilowatt hour (KWh), which would make it the most costly electricity on the planet.
On the other hand, electrical energy produced from wind farms, solar projects and natural gas-fired plants ranges from $1,000 to $ 1,500 per KWh, the report included.
UP AND RUNNING
Leaving the cost concern aside, the effect of the now completely operational Vogtle plant is starting to emerge.
From 2018 through 2022, the Vogtle website created an average of 2,813 gigawatt hours (GWh) of electricity a month for the state of Georgia, around 27% of overall state electricity products according to Cinder.
Considering that Vogtle 3 started operations in April 2023, that generation overall rose to approximately around 3,500 GWh a month, and climbed to over 4,600 GWh in May 2024, when Vogtle 4 initially began operating.
CHANGING MIX
The sharply higher production from atomic power plants has impacted Georgia's electrical power mix in numerous crucial methods.
Firstly, the share of generation from nuclear reactors jumped to 37% in May - a complete 10 percentage point above the long-term average - as the Vogtle 4 plant came online.
Second of all, the state's overall electricity generation overall reached new highs as more nuclear generation was contributed to the output from other sources.
Throughout the January to May duration, Georgia's overall electricity generation was 55,634 GWh, which was a record for that duration and marked a 12.3% jump from the exact same months in 2023, Ember information shows.
Thirdly, the higher level of nuclear generation likewise boosted Georgia's overall clean electrical power output levels, which went beyond generation from the state's fossil fuel possessions during March, April and May of this year for the very first time on record.
Clean power's share of the Georgia generation mix was a. record 47% for the January to May period, and compares to 41.5%. throughout the same months a year earlier.
Continual output from Vogtle 3 and 4 over the remainder of. 2024 might assist press the clean power share of the overall mix. closer to 50%.
LARGER IMPACT
Vogtle's full ramp-up was also apparent further afield, with. the carbon strength of power production of the Southern Company. Solutions power system stopping by 14% up until now in 2024 from 2023's. average levels.
Approximately 427 grams of carbon dioxide were released by the. Southern power system for every single kilowatt hour of electrical power. created so far in 2024, according to Electricitymaps.com.
That carbon intensity compares to 440 grams of CO2/KWh in. 2023, and 467 g/CO2/KWh in 2022.
For Georgia's power consumers, the high reduction in. emissions per unit of electricity, in addition to higher overall. electrical power materials, are a favourable result of the conclusion. of the Vogtle website.
And over the longer term, rising quantities of tidy power. might end up being a more significant aspect of the energy sector than. the last cost of any specific generation property.
<< The viewpoints expressed here are those of the author, a. writer .>
(source: Reuters)