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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
South Korea jet crash puts fast-growing Jeju Air's safety under analysis
Before it suffered the most dangerous crash in South Korea's history, spending plan airline Jeju Air was moving quickly: racking up record passenger numbers and flying its aircraft more than domestic competitors and a lot of its worldwide peers, data reveal.
The high utilisation rate of Jeju Air's aircrafts - the number of hours they fly in a day - is not problematic in itself, professionals state, however suggests scheduling sufficient time for required upkeep is vital.
Authorities have suggested a bird strike contributed to the mishap, but as part of their probe into the occurrence aboard Boeing 737-800, police have raided the airline companies' Seoul office to seize files associated with the operation and maintenance of the plane.
You're literally looking at everything, said aviation security and crash examination professional Anthony Brickhouse. You're going to start off with their mishap history and security history. What sort of occasions have they had in the past, what happened, what was done to correct the issues?
Jeju Air informed Reuters that it did not neglect upkeep procedures which it would step up its safety efforts. The Dec. 29 crash, which killed 179 people, was the airline's very first deadly accident given that its 2005 founding and the first for any Korean airline in more than a years.
The business's CEO, Kim E-bae - who has actually been barred from travelling overseas during the investigation - informed a news conference last week that Jeju's upkeep remains in line with regulatory requirements and that there were no upkeep concerns with the doomed jet during pre-flight inspection.
He acknowledged the airline's safety measures had actually not been sufficient in the past, however said enhancements had been made.
The authorities have not said bad maintenance contributed to the crash and the precise scenarios behind the disaster remain unclear.
Besides the reported bird strike, authorities are looking into why the pilot might have hurried a second landing attempt after declaring an emergency, and why the landing equipment was not released.
Investigators have recuperated the cockpit and flight information recorders but have not released any information.
The country's transportation regulator is checking all 101 737-800s in South Korea - more than a 3rd of which are run by Jeju Air - focusing on how frequently and how well the planes were kept, to name a few factors to consider.
Although it had actually taped no violations in the last 2 years, it was struck with more fines and suspensions for aviation law breaches than any of its domestic competitors in 2020-2022, simply throughout and after the COVID-19 pandemic, records reveal.
According to transport ministry information on major airlines from 2020 to August 2024, Jeju Air was struck by about 2.3 billion won ($ 1.57 million) in fines and the impacted airplane were stayed out of operation for a total of 41 days, according to Reuters calculations based on the information.
The next-most penalized airline company, T'way Air, had 2.1 billion won in fines and four days of suspended operation during that period.
Jeju Air flies its aircrafts more than any other significant airline company in the country, information show, and also exceeds most worldwide peers such as Ireland's Ryanair and Malaysia's AirAsia.
Jeju Air 7C2216 was flying from the Thai capital of Bangkok to Muan in southwestern South Korea at night when it belly-landed, overshot the runway and burst into flames after hitting an embankment. The airplane flew every day in 2024, according to flight data reviewed .
UTILISATION RATES
High utilisation rates are treasured in the market as an indication of financial efficiency, especially at low-cost carriers, specialists state.
Jeju Air, which ranks behind only Korean Air and Asiana Air in regards to traveler volumes in the nation, saw record numbers from January to December 2024, according to transport ministry information.
Its regular monthly utilisation hours for traveler jets almost doubled to 412 in 2023 from 2022, greater than Korean Air at 332 hours and Asiana Airlines at 304 hours, according to stock exchange filings.
T'way balanced 366 hours monthly in traveler and freight jets combined, Jin Air balanced 349 hours, and Air Busan 319 hours, according to their filings.
In 2024, Jeju Air flew its airplanes more every day - 11.6 hours - than almost any other airline offering inexpensive tickets and flying just narrowbody airplane, according to information from air travel analytics company Cirium, which determines utilisation rates differently from the profits filings.
Only Saudi Arabia's Air Arabia flew its planes more - 12.5 hours a day. Vietnam's VietJet flew its airplanes 10 hours a day. Ryanair's typical use was 9.3 hours, while Malaysia's AirAsia was 9 hours. China's Spring Airlines flew 8 hours a day.
The utilisation itself is not an issue, said Sim Jai-dong, a professor of airplane maintenance at Sehan University in South Korea. But there could be higher tiredness for pilots, crew members and mechanics given the greater utilisation rates.
(source: Reuters)