Latest News
-
Virgin Australia is seeking to raise $442.8 Million in IPO term sheet.
Virgin Australia, owned by Bain Capital According to a termsheet seen on Wednesday, is hoping to raise A$685 (442,78) million in an initial public offer. Virgin has set its offer price at A$2.90 a share. The offer size is 30% of Virgin's issued capital. Bain Capital didn't immediately respond to our request for a comment. The term sheet stated that the airline, Australia's 2nd largest after Qantas, would sell 236.2 millions shares to value the company A$2.32 Billion on a fully diluted base. Virgin's enterprise value will be A$3.6 billion after subtracting its A$1.31billion net debt. According to the terms sheet, Bain's stake will drop from 70% to 39.4% after the IPO. Qatar Airways will keep a 23% share.
-
CANADA-CRUDE-Discount on Western Canada Select heavy crude widens; wildfires reduce Canadian output
The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select (WCS), widened Tuesday, but was still in historically tight territory due to wildfires that continue to disrupt Canadian oil output. WCS for Hardisty, Alberta delivery in July settled at $9 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $8.80 per barrel under the U.S. standard on Monday. Calculations show that wildfires in Canada's oil producing province of Alberta reduced Canada's daily crude output by about 7%. Although no significant infrastructure was damaged, companies shut down production of 344,000 barrels a day and evacuated some workers as a precaution. * The fires occur at a moment when Canadian heavy crude is already trading at an historically low discount, in part because of the Trans Mountain Pipeline expansion that was opened one year ago. This increased the country's capacity to export oil. Canadian crude also benefits from U.S. Sanctions on Venezuela and other nations, which boosts demand for heavy crude producers who are not sanctioned. * Oil prices rose about 2% globally on Tuesday, reaching a two-week peak as geopolitical tensions persist between Russia and Ukraine, and the U.S.
-
ONEOK purchases remaining Delaware Basin Joint Venture stake for $940 Million
U.S. Pipeline Operator ONEOK announced on Tuesday that it has purchased the remaining stake in Delaware Basin Joint Venture from NGP XI Midstream Holdings for $940 million in cash and stock. By acquiring the remaining interest of 49.9%, ONEOK gained the sole ownership of this basin. It operates natural gas gathering, processing, and storage facilities in West Texas, and New Mexico’s Delaware Basin. The total processing capacity is over 700 million cubic feet a day. In the last two years, the operator of the pipeline has diversified its portfolio through acquisitions. These include a Gulf Coast NGL system from Easton Energy, and the purchase of Medallion Midstream, and EnLink Midstream. These moves are part a larger effort to increase its presence in Permian basin amid the growing consolidation of the U.S. Energy sector. The deal is worth $530 million cash and $410 millions in ONEOK common shares, according to the company. ONEOK has a pipeline network of 60,000 miles that transports crude oil, refined products and natural gas liquids. (Reporting and editing by Mohammed Safi Shamsi in Bengaluru. Katha Kalia is based in Bengaluru.
-
US Airlines seeks 2-year delay in secondary cockpit barrier rule
The Federal Aviation Administration said that major U.S. carriers want to delay for two years, by August of this year, the requirement to install a secondary barrier in the cockpit to prevent intrusions. Airlines for America, a trade group that represents American Airlines, United Airlines and Delta Air Lines as well as other major carriers, argued in a petition to the FAA that it should delay the finalization of the 2023 requirement because the FAA has yet to approve a secondary cockpit barricade and there are no approved manuals, training programs or procedures. The FAA announced that it would be accepting public comments on the airline's request until June 23. The FAA adopted security standards for the flight deck after the September 11 hijackings of four U.S. planes. These standards are designed to prevent forcible entry and unauthorized access. In the petition, the airlines said that they expected the FAA would certify the barriers by June or July. The FAA declined to comment immediately. This rule requires aircraft manufactures to install a physical second barrier on all planes that are used for commercial passenger services in the United States. In 2023, the FAA stated that the additional barrier would protect the flight deck from intrusions when the flightdeck door is opened. Air Line Pilots Association president Jason Ambrosi criticised the industry's request. He said: "We urge FAA to reject the latest stalling tactics and implement the secondary barrier requirement, as Congress mandated, without delay." Boeing, Airbus and Airlines for America argued for three years, but unions in 2023 wanted the rule to take effect immediately after publication. According to a federal law passed in 2018, the FAA had to adopt rules by 2019. However, it has stated that it must follow certain procedural rules to be able to impose new rules. The FAA does not require retrofitting of existing aircraft. The FAA set up rules in 2007 to address the security of the flight deck when the cockpit doors were opened. These included requiring that the door must be locked while the aircraft is in operation unless it was necessary to unlock it for authorized personnel. (Reporting and editing by Leslie Adler, Marguerita Choy and David Shepardson)
-
Bayer executive: Airlines need to sign long-term agreements on greener fuels in order to increase volumes.
MONTREAL (Rtrs), June 3, 2008 - If airlines want to increase global volumes of lower-emission fuel needed for industry climate goals, they need to sign long-term agreements that will allow them to purchase larger quantities of sustainable aviation. The International Air Transport Association's airline members are committed to the goal of zero net emissions by 2050, despite warnings from experts that they will have difficulty meeting such sustainability goals because of low production of SAF - which is more costly than conventional jet fuel. IATA, who concluded a summit in India Tuesday, expects sustainable aviation fuel production to double by 2025, reaching 2 million tons, or 0.7% of airline fuel consumption. In Montreal, Matthias Berninger said that while airlines have asked for more action from energy companies and partners to increase SAF volume, there should be more long-term purchasing of the fuel. This is similar to certain commitments made in the renewable energy industry. Bayer's Monsanto division sells seeds and insecticides to farmers that grow crops used as biomass feedstocks for biofuels. Berninger said that if airlines commit to buying a certain quantity over a period of time we can guarantee farmers will grow the crop and processors will process the crop. Berninger spoke on the sidelines the International Civil Aviation Organization’s aviation climate week. "And whether or not this supply meets the demand (market) depends on the long-term buying contracts of the airline sector sending a very clearly defined demand signal similar to what we currently have in the renewables space." SAF is made from plants, waste, cooking oil, and other products. (Allison Lampert, Montreal; Editing and proofreading by David Gregorio).
-
Aerospace and airline industries warn that US tariffs may put safety at risk.
On Tuesday, groups representing U.S. and global airlines warned that new tariffs on imports of commercial aircraft, jet engine parts and other components could threaten air safety or the supply chain, and have unintended consequences. After President Donald Trump announced in April sweeping duties against trade partners, the industry is already facing 10% tariffs. The Commerce Department launched an investigation called Section 232 last month to examine the risks imported goods pose to U.S. security. This could lead to even higher tariffs for imported planes, engines, and parts. In a recent filing, the Aerospace Industries Association (which represents Boeing, Airbus and hundreds of other aerospace companies) urged the Commerce Department to extend the period for public comments on Section 232 from 90 days to 180 days, and not impose any new tariffs during that time. The group also urged for further consultations with the industry regarding "any Section 232 Tariffs" to ensure that they accurately reflect national safety concerns and don't put supply chain and aviation security at risk. The AIA highlighted the impact of a fire that occurred at a Pennsylvania aerospace fastener manufacturer in February on production, and the difficulty in finding parts from new suppliers. The group stated that it could take as long as 10 years to find a new supplier in the country and to ensure they have all of the necessary safety certifications. Airlines for America warns that tariffs will increase the cost of shipping and plane tickets. The airlines stated in comments filed with the Commerce Department that "injecting higher costs will weaken our economy and national security, and have a debilitating effect on the domestic commercial aircraft industry's capacity to grow, compete and innovate." The trade group warned that the tariffs could destabilize the aviation supply chain and lead to more counterfeit parts being sold. They also said the tariffs would have unintended and unexpected consequences. Airlines and manufacturers are lobbying Trump for a return to the tariff-free regime of the 1979 Civil Aircraft Agreement. The U.S. sector benefited from a $75 billion trade surplus each year. The agreement stipulates that parts must be approved by the Federal Aviation Administration in order to qualify for tariff-free status. (Reporting and editing by David Shepardson, Nia Williams and Chizu Nomiyama)
-
Beta Technologies performs the first all-electric aircraft touchdown
Beta Technologies, the company and port officials announced on Tuesday that it was the first U.S. firm to land an electric aircraft in the New York/New Jersey area. In a press release, the airline said that a flight from New York to John F. Kennedy International Airport took 45 minutes. The pilot was accompanied by four passengers. Airlines and transportation companies are developing services that use electric aircraft powered by batteries, which can land and take off vertically. This allows them to transport travelers on short city trips while avoiding traffic. The Federal Aviation Administration (FAA) finalized in October comprehensive training and certification rules for air taxi pilots. They called it "the last piece of the puzzle" for safely introducing this aircraft in the near future. Beta also raised $318 in equity capital for production, certification and commercialization of its electric aircraft. This brings the total value raised to over $1 billion. The Vermont-based firm was founded in 2017. Kyle Clark, the CEO and founder, stated in a statement that the aircraft had undergone years of safety testing. (Reporting by Aishwarya Jain in Bengaluru; Editing by Maju Samuel)
-
Venture Global shares increase after it announces CP2 site work
Venture Global Inc.'s shares rose nearly 20% on Tuesday, after the Louisiana-based producer of LNG announced that it had started construction on its proposed CP2 facility in the state following federal approval. CP2 is the largest LNG export facility for the United States, with a capacity of 20 million metric tons per year. This will help the nation remain competitive. The world's largest supercooled gas exporter The company stated that CP2 expects to deliver the first LNG in 2027, and has already made significant progress in terms of engineering, procurement, and contracting. Venture Global stated that off-site maintenance of the modules and equipment at the plant will help to speed up construction. Venture Global is yet to officially approve the final financial approval of the project. Venture Global will be the biggest LNG exporter of the U.S. if the project is built. Cheniere Energy will not even come close. (Editing by Nick Zieminski).
What is the next Polish president Karol Nawrocki's name?
Karol Nawrocki cultivated an image of a tough guy during his campaign by posting videos at boxing and shooting ranges.
Nawrocki, who is running for the top position in Poland, met Donald Trump and got the support of the U.S. President for his campaign.
Nawrocki has won the election according to the final results of the electoral commission with 50.89% votes.
Nawrocki, unlike other eurosceptics from central Europe such as the Slovak prime minister Robert Fico and Hungary's Viktor Orban supports military aid for Ukraine to fight off Russia's 3-year-old invasion.
He has stated that if elected he would oppose Ukraine's membership in Western alliances. This is a position meant to coincide with the declining support of Ukrainians by Poles who have taken in more than one million refugees across the border.
While in power, his supporters in the Law and Justice party (PiS), had supported the fast-tracking of Kyiv's membership in NATO and the EU.
Nawrocki critics claimed he was causing unrest over Ukrainian refugees, at a moment when the far right is highlighting migration and the cost of living. He cited the slogan of his campaign, Poland First.
In April, he posted on social media: "Let's not only help others but also take care of ourselves."
He will likely follow the same path as the outgoing president Andrzej duda, who is a PiS-aligned politician and has used his veto to stop the pro EU government from undoing the judicial reforms of the previous PiS administration. The EU claims that the PiS reforms have undermined the independence and integrity of the courts.
The Fight in the Right
The candidates fought to win the votes of those who supported other candidates during the first round. Slawomir Mentzen, who finished third in the first vote with 15%, was a prime example.
Trzaskowski hoped to lure them in with the promise of deregulation. Nawrocki emphasized his qualifications as the head of the Institute of National Remembrance, support for gun ownership and traditional families, Christian values but also took a critical tone towards Ukraine in line with Mentzen.
His wife Marta and his three children, who are all civil servants, were prominent in his campaign.
Nawrocki has become a hot topic in the public eye after a series negative media reports. Questions were raised about his purchase of a flat by a pensioner, and he admitted to taking part in orchestrated fights.
Nawrocki said, "All of my sports activities are based on my strength, my strength, my fists", when confronted with reports that he was involved in mass-organised fights between football hooligans. It was a fair contest, no matter what the form.
Law and Justice supporters have accused the Polish special services and the liberal media of orchestrating the controversy. The government denies these allegations.
Nawrocki described the election as a vote on the government. He called it a metropolitan elite that was out of touch with the people's concerns.
On the campaign trail, he told the voters of Biala-Podlaska in eastern Poland: "I am just one of you."
(source: Reuters)