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
What is the issue with Cathay Pacific's A350 Rolls-Royce engines?
Hong Kong's Cathay Pacific Airways said on Tuesday it had actually examined its whole Jet A350 fleet after the inflight failure of a component in an engine that is made by British maker RollsRoyce .
WHAT HAPPENED ON THE FLIGHT?
An issue unfolded a number of minutes after liftoff on flight CX383 from Hong Kong to Zurich on Monday, according to flight tracking service FlightRadar24. A source knowledgeable about the matter said a leakage in a fuel system appeared to have caused a short engine fire that was quickly snuffed out by the team of the Zurich-bound jet.
The five-year-old A350-1000 aircraft performed two wide circles and discarded fuel over the sea before returning to Hong Kong where it landed safely about 75 minutes after its departure.
Cathay Pacific stated it recognized an engine component failure after the airplane returned to Hong Kong.
WHY DID THE A350 ENGINE FAIL?
Cathay Pacific has actually not specified which engine element stopped working, but the carrier said it was the very first of its type to suffer such failure on any A350 airplane worldwide.
The source said the occurrence involved a leak in a system designed to inject fuel to the XWB-97 engine, the Rolls-Royce model used on the A350-1000.
The system makes up a pipe that feeds fuel from an entry point or manifold to a nozzle that sprays sustain into the combustion chamber, the hot inner core of the engine.
Sources stated partly sweltered parts were being analysed at Rolls-Royce centers on behalf of Hong Kong private investigators, however that no leakages had been discovered so far in other engines.
THE NUMBER OF TYPES OF A350S EXIST?
The Plane A350 is a twin-aisle long-haul airplane that can carry between 300 and 480 passengers. It can be found in 2 sizes: the A350-900 and the larger A350-1000, both powered specifically by Rolls-Royce engines.
WHAT ENGINE DOES THE A350 USE?
The A350-1000 and the A350 truck usage Trent XWB-97 engines, Rolls-Royce's largest civil jet engine.
The more popular A350-900 uses its Trent XWB-84 engines.
ARE ALL A350 ENGINES AFFECTED?
Cathay Pacific stated the incident took place on among its 18 A350-1000 airplanes. It has since determined 15 aircraft with engine parts that need replacement and three have currently gone through repair work.
Rolls-Royce on Tuesday kept in mind the replacement could take location while the engine stayed on-wing. It also said it was devoted to working closely with Cathay Pacific, Airbus and authorities conducting an investigation of the occurrence.
There were no instant indications the event would trigger significant regulatory action involving all A350s, according to the source knowledgeable about the matter.
THE NUMBER OF A350 AIRCRAFT COULD BE IMPACTED?
There are 88 A350-1000 jets in operation worldwide, according to Swiss air travel intelligence service provider ch-aviation.
The top 6 operators are Qatar Airways with 24 airplanes, British Airways with 18, Cathay Pacific with 18, Virgin Atlantic with 12 and Etihad Airways and Japan Airlines (JAL). with 5 each.
There are 520 A350-900s in operation worldwide, ch-aviation. data revealed.
Broker Jefferies stated in a note to clients on Monday that. 234 XWB-97 engines had been delivered to consumers by the end of. June.
WHICH CATHAY PACIFIC FLIGHTS HAVE BEEN CANCELLED?
Cathay Pacific stated on Tuesday it had cancelled at least 34. round-trip flights in between Hong Kong and Sydney, Osaka, Tokyo,. Taipei, Bangkok and Singapore until the end of Wednesday. Long-haul services need to not be impacted, it stated.
The airline company's A350s likewise serve destinations in Europe and. The United States and Canada.
WHAT ARE OTHER AIRLINE COMPANIES WITH A350S DOING? Tokyo-based JAL, which has 5 A350-1000s that are all less. than a years of age, said it has actually performed its own engine. assessments. By Tuesday, 3 had actually been checked and found to. be safe, the provider said, with the 2 others due to be inspected. on Wednesday when they returned to Haneda Airport.
Singapore Airlines stated it was examining the engines on. its A350-900 airplane as a safety measure but there would be no. effect on flights. It does not have any A350-1000s. Taiwan's China Airlines, which also operates 15. A350-900s but no A350-1000s, stated its fleet did not use the. impacted engines, so its operations would not be affected.
Qatar Airways said the concern had no influence on its A350-1000s. and it continues to keep track of any developments.
(source: Reuters)