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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
Moving airline company revenues and airplane hold-ups cast shadows at air program
A plunge in Ryanair's quarterly revenues cast a shadow over the opening of the Farnborough Airshow on Monday, where aviation leaders were currently fretting about supply chain snags, aircraft delays and floundering strategies to cut emissions.
Boeing announced a bumper order from Korean Air for 20 777X jets and 20 787s, worth $7 billion according to estimated shipment costs from Cirium Ascend, in a. increase for the U.S. planemaker's long-delayed 777X programme.
But numerous delegates at the July 22-26 event of aviation. leaders were not expecting the traditional deluge of deals as. Jet struggles to reach output objectives and Boeing. adopts a subtle posture in the middle of its security crisis, which was. triggered by a panel flying off a 737 MAX jet in January.
Air travel was struck hard by the pandemic which saw flight. collapse just to bounce back sharply. That left many firms. scrambling to deal with labour and parts shortages.
The scenario has been intensified by a spiralling crisis at. Boeing, which has actually had to slow production of its very popular 737. MAX aircraft following the panel blowout.
Hold-ups in providing airplanes have obstructed airlines' efforts. to capitalise on the post-pandemic rise in travel and pumped up. expenses, and signs are growing that they are having a hard time to pass. those expenses on to consumers as demand begins to normalise.
Ryanair, Europe's most significant budget plan airline company, reported on Monday. a nearly halving in quarterly revenue, with fares plunging 15%. and management caution of more pressure to come on rates.
CEO Michael O'Leary added there had actually been some enhancement on. deliveries from Boeing, however that there were still delays and he. was getting a little concerned about shipments due next year.
Individually, flydubai said its fleet expansion plans had been. struck by hold-ups in Boeing deliveries, while the one in charge of Air India. stated it was needing to rob parts from some of its other airplane. to keep aircrafts flying amidst industry supply chain snags.
The huge question for the airlines here at Farnborough is. what has actually occurred to the halo impact of need after the. pandemic - has that healing stalled? said veteran air travel. reporter Mark Pilling, who was due to host a panel of CEOs.
Pegasus Airlines CEO Guliz Ozturk told press reporters. that customers were going back to fundamentals seeking lower fares.
We have actually started seeing the normalisation of demand. What. does it suggest? I imply, the need is there, but now the. travellers are looking for, as before the pandemic, for the most. inexpensive, the lowest, the very best price for their travel.
Hot on the heels of Ryanair's warning, Air Canada. cut its full-year core profit projection, blaming over-capacity in. some markets and weaker prices power on worldwide paths.
Its shares fell almost 4% in early trading. Airline stocks. were among the most significant fallers in Europe, with Ryanair. down 16% at 1600 GMT, easyJet down 7.5%, TUI. off 4.6% and BA-owner IAG 3.5% lower.
Nevertheless, Boeing's vice president of business marketing,. Darren Hulst, stated there was no indication of a weakening in demand. for airplanes and recommended the cautions from airline companies were simply a. sign of a bit more truth in the market.
FIXING SUPPLY CHAINS
With dealmaking expected to be limited, the focus at the air. show is most likely to fall on how producers are taking on supply. chain blockages.
Asked about flydubai's problems, Hulst yielded that. Boeing had disappointed our customers ... over and over again,. in many cases, but that the work the business was doing this. year was concentrated on making sure that would not take place again.
Jet CEO Guillaume Faury likewise stated on Sunday that the. European planemaker was making development increase production of. its top guest jets.
Some offers will get over the line, delegates said.
Japan Airlines stated it had purchased 10 Boeing 787-9s. and agreed options for 10 more, while Vietnamese spending plan provider. VietJet tightened a deal for 20 Plane A330neos.
Industry sources said Virgin Atlantic was close to positioning a. top-up order for Plane A330neos and Saudi low-priced carrier. Flynas was poised to purchase up to 30 of the same widebody. aircraft. The companies decreased to comment.
Turkish Airline companies, nevertheless, stated engine talks were. still holding up a possible big order with Boeing.
Today's air show will be peppered with sustainability. panels and workshops as aerospace giants and airlines look for to. stress their dedication to lowering carbon emissions, even as. they plan to enormously broaden worldwide flight.
On the defence side, the focus will be on Ukraine, possible. hold-ups to America's future F-22 fighter replacement, code-named. NGAD, and a defence review by Britain's new Labour government.
At the show, British Prime Minister Keir Starmer stressed. the importance of the UK's fighter jet ability, however stopped. short of guaranteeing its next generation battle air program. with Japan and Italy would not be impacted by the review.
(source: Reuters)