Latest News
-
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)
-
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
-
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
-
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.)
-
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
-
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.
-
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)
-
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
Projects and agreements on sustainable aviation fuel in Asia
Neste announced on Thursday that South Korea's GS Caltex and Japanese trading house Itochu, along with major sustainable aviation fuel (SAF), producer Neste, have delivered their first batch of fuel to Japan.
Fuel is seen as essential for aviation to achieve its goal of zero net carbon emissions by the year 2050. However, its adoption is still in its early stages.
The following is an overview of the most recent SAF projects in Asia-Pacific.
SOUTH KOREAN
South Korea wants to use about 1% of SAF on all international flights departing by 2027.
Six South Korean Airlines, including the flag carrier Korean Air have started, or plan to start, mixing 1% SAF into fuel for one international route every week, starting this year.
SK Energy completed its SAF production unit in September, and will supply fuel to Korean Air passenger aircraft.
In partnership with trading house Itochu, GS Caltex delivered its first SAF cargo to Japan, blending neat SAF from Neste with GS Caltex, on September 19.
TAIWAN
Taiwan's civil aviation administration encourages its airlines to use a maximum of 5% SAF as part of their fuel program starting in 2030. However, there is currently no mandate.
Taiwan's civil aircraft administration has said that Refiner CPC will import SAF during the first half next year.
INDONESIA
Indonesia has mandated that 3% of jet fuel be blended with biofuel by 2020, but the implementation has been delayed.
Pertamina, the state-owned Indonesian company, issued in June its first tender for SAF to be delivered by August.
In October 2023, Indonesia made its first commercial jet fuel flight using palm oil blended fuel after a test flight on an aircraft that flew from West Java (Java) to Jakarta.
SINGAPORE
Singapore announced its SAF goal in February. It will aim to achieve a 1% target by 2026, and then increase it to 3% to 5% in 2030. This is subject to the global development and wider adoption of SAF.
The Civil Aviation Authority of Singapore intends to introduce a SAF levied for the purchase of fuel. This levy will be based on a fixed amount based upon the SAF target at the time and the projected SAF price.
Singapore Airlines Group ordered 1,000 metric tonnes of SAF in May from Neste, marking the first time that the refiner has supplied this fuel to the Changi Airport.
As of September 2024 there is no SAF mandate for China. However, the Civil Aviation Authority of China has launched in July the first SAF technical centre in the country that focuses on product research and standard setting.
NEW ZEALAND
New Zealand has no SAF mandate as of September 2024.
Air New Zealand delivered a 500,000-litre shipment of SAF produced by EcoCeres, based in China, to Wellington in June. This was the first time that SAF had been delivered to Wellington.
MALAYSIA
Malaysia's National Energy Transition Roadmap 2023 stated plans to implement a 1% SAF blend mandate, but did not provide a timeframe. The target will increase to 47% by the year 2050.
The Malaysian state-owned oil company Petronas, and Japan's Idemitsu Kosan Co. signed a preliminary deal to work together on the development and distribution SAF by October 2023.
India targets a 1% SAF content in aviation fuel in 2027. This will double to 2% by 2028. SAF targets initially will apply to international flights.
Indian Oil Corp announced in June 2023 that it would build a SAF plant in Haryana with LanzaJet. The plant will produce 80,000 metric tons of SAF per year. The company has a partnership with LanzaTech to convert waste gas into ethanol and jet fuel.
The Ministry of Economy, Trade, and Industry announced that Japan will mandate that 10% of the aviation fuel used for international flights using Japanese Airports must be sustainable by 2030.
Fuji Oil and Itochu Corp. have begun planning the production of bio-SAF in Sodegaura Refinery by May 2023.
All Nippon Airways and Japan Airlines have increased their SAF purchase by adding products from U.S. manufacturer Raven SR and trading house Itochu.
Mitsubishi, Boeing and TotalEnergies are also exploring SAF production.
PHILIPPINES
Cebu Pacific will fly a plane powered by Neste's 35% SAF blend in September 2022. Shell Eastern Petroleum signed a strategic partnership to increase the availability of SAF for its fleet. However, there is no mandate from the government yet.
AUSTRALIA
Qantas Group will launch the Sustainable Aviation Fuel Coalition in November 2022 in collaboration with Australia Post and Woodside Energy, as well as KPMG Australia, Macquarie Group the local arm Boston Consulting Group, and KPMG Australia.
Qantas said that in March 2023, they would invest A$2,000,000 ($1.34,000,000) jointly in a biofuel refining plant being built in Queensland State in Australia to convert agricultural waste products into SAF.
Australia has not yet been given a mandate. Reporting by Cassandra Yap; editing by Kevin Liffey & Jamie Freed
(source: Reuters)