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
Brazilian airline looks for to purchase planes from China's COMAC
Brazil's Overall Linhas Aereas, a little freight and charter airline company, aims to become the first firm outside Asia to buy aircraft from China's stateowned planemaker, which is attempting to break into an international traveler jet market dominated by Western makers.
Overall and the Business Aircraft Corporation of China ( COMAC) have remained in talks for months, stated the airline company's. controlling partner Paulo Almada, who will visit COMAC in. October to discuss a possible order of approximately 4 C919 airplanes.
Brazilian Ports and Airports Minister Silvio Costa Filho. stated Total looked for the federal government to share its intentions,. however has actually not provided any official strategy up until now.
A deal might cultivate closer Brazil-China ties in the aviation. sector ahead of Chinese President Xi Jinping's state check out in. November. Yet some market observers have voiced apprehension. about Overall's organization plan for the Chinese jets.
Even if Overall is getting a good deal on the airplane, its. unverified reliability record and absence of support network in. Brazil make it a very dangerous option, PA Consulting Aviation. Partner Carlos Ozores stated.
Total's Almada stated the airline was required to look beyond. standard Western producers such as Jet and. Boeing since they were unable to satisfy need for brand-new. aircrafts as they grapple with supply chain restraints.
Brazil's Embraer has production slots available. from 2026 however only uses passenger jets with under 150 seats.
The market is handling supply shortages, however COMAC. informed us they might provide the aircraft by next March, stated. Almada, who decreased to share documents from the negotiation,. citing a non-disclosure contract.
An offer might be a turning point for Brazil, stated Senator. Rogerio Carvalho of the ruling Workers Party, who took part in. meetings with Total. Brazil would anticipate reciprocity, he added,. with an increase in Chinese demand for Embraer jets.
Embraer thinks about China a crucial market, however has struggled to. find new business there because the 2016 closure of a joint. venture in Harbin.
After Brazilian President Luiz Inacio Lula da Silva checked out. Beijing in 2015, Embraer tattooed an offer to transform 20 of its. airplane into cargo aircrafts with a partner in Lanzhou,. irritating expect guest jet sales to a Chinese airline company.
FUNDING, ACCREDITATION
Talks in between Total and COMAC have consisted of the possibility. of funding from the China Advancement Bank for 80% of the. overall worth in approximately 10 or 12 years, Almada said, including that. each C919 had a market price of about $90 million.
COMAC and the China Development Bank did not right away. respond to requests for comment.
The existing Total fleet includes ATR 42-500 turboprops. and Boeing 737-400 trucks. The C919 seats approximately 192 individuals. and completes in a similar classification to the Boeing 737 and Airbus. A320.
Just 9 C919s are currently in service considering that they began. business operation in May 2023, all with Chinese airlines.
Outdoors China, the only carrier to operate a COMAC airplane is. Indonesian affordable carrier TransNusa, which flies the smaller. ARJ21 local jet, which was licensed a years earlier. A. Brunei-based start-up airline company, GallopAir, has purchased ARJ21s and. C919s.
COMAC this year has actually increased sales and production plans and. has been marketing the C919 outside China.
Almada said Total would fly the C919s on charter-style. flights booked by other airlines on an Aircraft, Team,. Upkeep and Insurance Coverage (ACMI) basis, which the market uses. to fulfill immediate or seasonal demand. Pilots and mechanics would be. trained in China by COMAC, he said.
A major hurdle for the C919 is that it does not have certification. beyond China, particularly benchmark accreditations from the. U.S. and European Union. The European Union Aviation Security. Agency (EASA) is currently assessing the aircraft.
Total would likewise push to get the Chinese planes accredited in. Brazil, Almada stated.
Brazil's civil air travel company ANAC said a formal demand. for accreditation has actually not yet been submitted.
(source: Reuters)