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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
Brazil is hosting the COP30. Is it a champion of nature or a climate foe?
The President has pledged to achieve net zero deforestation
Infrastructure projects to increase rainforest destruction
Brazil wants to be the fourth largest oil producer in the world
By Andre Cabette Fabio
The U.N. Climate Summit COP30 will take place in Brazil's Amazon rainforest town of Belem from 10-21 November.
The agenda includes how to accelerate a green transition away from fossil-fuels, close the climate finance gap in low-income countries, and protect forests and biodiversity.
Lula is likely to be criticized by environmentalists as well as Indigenous leaders. He has promoted Brazil's climate-friendly image, but also plans to increase oil drilling and road and rail development in the Amazon rainforest.
Tarcisio Féitosa, a member of the Forests & Finance Coalition (a group tracking deforestation funds), said that there has been a logic in the past decades that views the forest as a barrier to development.
He said that "Lula’s government hasn't changed anything."
Lula, speaking at the COP30 Leaders Summit, said on Thursday: "Despite our difficulties and contradictions we need road maps...to reverse deforestation, and overcome dependence on fossil fuels."
ROADS AND RAILWAY
The government announced that it would pave a road of 885 km (550 miles) across one of best preserved tracts in the rainforest at the start of Lula’s last term, 2023.
Ferrograo, the railway that international traders desire to transport soybeans and grain through the forest in order to export them, is another project the government has committed itself to.
Last month, Brazil's environmental authority Ibama authorized the state-run oil company Petrobras conduct exploratory drilling near the mouth the Amazon river in environmentally sensitive deep water.
After years of pressure, the authorization was granted after Lula, Brazil's Energy Sector, and lawmakers pressed Ibama to approve drilling.
Environmentalists are concerned that Petrobras' success could lead to the drilling of dozens more oil-rich areas that have been leased by Petrobas or international companies and which are currently undergoing licensing procedures.
They warn that if the Amazon is consolidated as a major frontier for fossil-fuel drilling, it could be a serious threat to its fragile ecosystem.
"Leakage in oil drilling .... is inherent. We will see contamination and impacts on biodiversity if we do exploration at scale along Amazon coast," Nicole Figueiredo said, the head of Arayara International Institute.
Lula, in a recent news conference, defended Petrobras by saying that the company had invested and was "committed" to the energy transformation.
INFRASTRUCTURE FOR DEFORESTATION
Lula's commitment to achieve zero deforestation in Brazil by 2030, which he made in 2023 when he announced his plans for the development of the rainforest, contradicts these policies.
The government also announced that it aims to make Brazil the fourth largest oil producer in the world by the end of the year.
Last week, the government released data showing that deforestation rates in the rainforest had fallen 11% over the past 12 months, compared to the same period one year ago. This is the lowest level in 11 years.
Deforestation in Brazil's Cerrado Savanna, an important agribusiness frontier fell by more than 11% during the same period. It reached a six-year high.
Environmental groups such as Brazil's Climate Observatory worry that Lula's government will push large-scale projects to create more pastures and grains crops.
Laide Costa is an educator for Xingu VIVO, a group that works to protect the Amazon basin. She fishes the Xingu River in the Amazon and is a land-grabber.
She said, "It's contradictory for the government to say it wants deforestation ended while it is a major promoter of it through these projects."
According to the Emissions Database of Global Atmospheric Research, the European Union, Brazil's deforestation from its 240 million cattle herd and the greenhouse gases it emits already place Brazil as the sixth largest carbon-emitter in the world.
Legal and licensing obstacles have been a problem for the Ferrograo Railway and the road-paving projects for many years.
In July, the government announced that it would begin the bid process for Ferrograo at the beginning of 2026. And in September, Lula stated that the government had reached "a definitive agreement" with environmentalists regarding the road paving.
Research shows that road building is a major factor in deforestation.
A 2014 report published in the Biological Conservation Journal found that 95% of the deforestation of the Amazon, the region where the most tree cover is lost, took place within 5.5 km of a road, or 1 km of a navigable waterway.
Observers claim that Lula's push to fund oil drilling and infrastructure could overshadow the funding commitments made by COP30.
(source: Reuters)