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 prepares wide-ranging energy strategy to increase gas exports, oil drilling, sources say
Donald Trump's transition group is creating a wideranging energy bundle to roll out within days of his taking workplace that would authorize export licenses for brand-new liquefied gas (LNG) tasks and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans.
The energy checklist mainly reflects assures Trump made on the campaign path, however the strategy to present the list as early as the first day guarantees that oil and gas production will rank together with immigration as a pillar of Trump's early agenda.
Trump, a Republican politician, also plans to reverse some of his Democratic predecessor's essential climate legislation and regulations, such as tax credits for electric automobiles and brand-new tidy power plant requirements that aim to phase out coal and natural gas, the sources said.
An early top priority would be raising President Joe Biden's. election-year time out on new export permits for LNG and moving. swiftly to authorize pending licenses, the sources said. Trump. would likewise seek to expedite drilling licenses on federal lands. and rapidly resume five-year drilling plans off the U.S. coast. to include more lease sales, the sources stated.
In a symbolic gesture, Trump would look for to authorize the. Keystone Pipeline, an issue that was an environmental flashpoint. and which was stopped after Biden canceled a key permit on his. initially day in workplace. However any business wanting to build the. multibillion-dollar effort to bring Canadian crude oil to the. U.S. would need to go back to square one because things like. easements have been returned to landowners.
The American people can bank on President Trump utilizing his. executive power on the first day to deliver on the promises he made to. them on the project path, Karoline Leavitt, Trump's. transition representative, stated in a declaration.
Much of the components in the strategy would require time to move. through Congress or the country's regulatory system. Trump has. assured to declare an energy emergency on his first day in. office that could evaluate whether he can bypass those barriers to. enforce some modifications on an accelerated schedule.
Trump would also get in touch with Congress to provide new funding so. he can renew the country's Strategic Petroleum Reserve,. developed as an emergency petroleum supply and which was. diminished under Biden to help manage cost spikes caused by the. Ukraine crisis and high inflation during the pandemic. Replenishing the reserve would improve short-term oil need and. motivate U.S. production.
Trump is likewise anticipated to put pressure on the International. Energy Firm, the Paris-based energy guard dog that recommends. industrialized countries on energy policy. Republican politicians have. slammed the IEA's focus on policies to decrease emissions. Trump's advisors have actually prompted him to withhold financing unless the. IEA takes a more pro-oil position.
I have pressed Trump personally and his team typically on. pressuring the IEA to go back to its core mission of energy. security and to pivot far from greenwashing, said Dan. Eberhart, CEO of oilfield service firm Canary.
TRUMP 'PREPARES TO GO STRONG' ON LNG
Biden put a freeze on brand-new LNG export permits in January to. study the ecological effects, in an election-year move aimed. at making gains with the party's green voting blocs. Without the. export licenses, developers can not go ahead with multi-year. building plans for new jobs. Projects delayed include. Venture Global's CP2, Commonwealth LNG, and Energy Transfer's. Lake Charles complex, all of which remain in Louisiana. The United States is the world's top manufacturer of gas,. and ended up being the No. 1 exporter of LNG in 2022 as Europe aimed to. America to wean itself off Russia's vast energy materials. following the intrusion of Ukraine. The Biden administration guaranteed to launch the. environmental research study before Trump presumes the White House on Jan. 20, however it would have no impact on the inbound. administration, the sources stated.
The LNG problem is a lay-up and he prepares to go strong on the. concern, stated among the sources.
There are five U.S. LNG export jobs that have been. authorized by the Federal Energy Regulatory Commission, however are. still awaiting authorization approvals at the Department of Energy,. federal records reveal.
Biden's pause also halted essential environmental evaluations,. parts of which may still be needed for the 5 pending DOE. licenses to withstand legal scrutiny.
LOOKING TO DRILL OFFSHORE AND ON FEDERAL LANDS
Trump would look to speed up drilling off the U.S. coast and on federal lands.
The typical time to finish a drilling permit on federal. and Indian land averaged 258 days in the very first three years of. Biden's administration, up from 172 days during the four years. of Trump's presidency, according to federal data.
Trump is expected to accelerate pending authorizations, hold sales. more regularly and offer land that is more likely to provide. oil, the sources stated.
In spite of the lag time in license approvals, Biden's Interior. Department approved more onshore oil drilling allows usually. than Trump's very first administration, federal records reveal.
Oil output on federal lands and waters struck a record in. 2023, while gas production reached its highest level because 2016,. according to federal information.
Drilling activity on federal lands and waters accounts for. about a quarter of U.S. oil production and 12% of gas output.
(source: Reuters)