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
Moscow takes control over properties of Western business
Kremlin has been taking possessions of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to claims over halted projects or blocked funds amidst Western sanctions.
Below is a list of the companies impacted up until now.
AGROTERRA
Russia took companies of farming group AgroTerra and put them under momentary management in April, including some backed by Dutch investment companies.
AMEDIA
Putin signed a decree moving Amedia's former assets to state management in September 2023, after the Norwegian publisher left control of its Russian printing houses to Russian journalist Dmitry Muratov in April 2022.
CARLSBERG
The Russian state took control of Danish beer company Carlsberg's stake in regional brewer Baltika Breweries in July 2023, putting it under short-lived management of the government property firm.
COMMERZBANK
A Russian court bought in June that Commerzbank assets worth 94.9 million euros ($ 105.4 million) be granted in damages to a pipeline company in northwest Russia.
Practically all of the properties involved had actually currently been seized by court order.
DANONE
The Russian state took control of the French yoghurt maker's. Russian subsidiary in July 2023 and brought it under momentary. control of the federal government home agency.
Putin removed it from temporary management in March, ahead. of a disposal of its Essential Dairy and Plant-based company in. Russia later that month.
DEUTSCHE BANK
A Russian court in May seized approximately 238.6 million euros. ($ 259.4 million) in securities, realty and savings account of. Deutsche Bank, together with its Russian subsidiary and Deutsche. Bank Innovation Center.
FORTUM
In April 2023, Putin signed a decree that established. control over Fortum's Russian system that runs power plants in. the country.
FRAPORT
Putin signed a decree in December 2023 to put St. Petersburg's Pulkovo Airport under the momentary management of a. Russian holding company, taking control from German airport. group Fraport, Qatar's sovereign wealth fund Qatar Financial investment. Authority and investors from other Gulf states.
JPMORGAN CHASE
JPMorgan Chase stated on May 2 that its possessions in Russia may. be seized after lawsuits in Russian and U.S. courts. It said the. worth of claims and orders to freeze properties surpassed its. offered assets in Russia.
A Russian court purchased in April the seizure of funds in. JPMorgan accounts after state-owned bank VTB sued to. regain its funds blocked abroad, while JPMorgan sued VTB in a. quote to block the effort.
LINDE
A Russian court ordered on Aug. 14 that properties of Linde's. British system worth some $1.15 billion be frozen in a conflict. over a gas processing plant.
OMV
Under decrees from December 2023, Austrian oil and gas. business OMV's stakes in the Yuzhno-Russkoye field and in the gas. extraction Achimov jobs are to go back to freshly developed. Russian business and sold to Gazovyye Tekhnologii. OMV's possessions will then be sold to joint stock business SOGAZ.
RAIFFEISEN
A Russian court froze the shares in Raiffeisen's local arm,. obstructing the sale of the Russian system, the Austrian bank said on. Sept. 5.
ROLF
On Feb. 21, a Russian court ordered that ownership of shares. in Rolf, an automobile dealership owned by a Cyprus-based company, be. turned over to the Russian state, Russian news firms. reported, after it was put under momentary state management. in December.
UNICREDIT
St Petersburg arbitration court bought in May that. UniCredit's assets, accounts and home, and shares in two. subsidiaries be taken as part of a lawsuit over an aborted gas. task including the Italian bank.
UniCredit said the seizure affected just a fraction of its. Russian system's properties, not the entire subsidiary.
UNIPER
The Kremlin on April 2023 took action against Unipro, the. Russian division of German utility Uniper that has 5 power. plants in Russia, presenting external management and a brand-new CEO.
WINTERSHALL DEA
Under decrees from December 2023, Wintershall Dea's stakes. in the Yuzhno-Russkoye field and in the Achimov tasks are to. revert to freshly developed Russian companies and offered for sale. to Gazovyye Tekhnologii, formalising the loss of control that. BASF and Wintershall Dea had actually flagged since January. 2023.
Wintershall Dea is a joint endeavor in between BASF and Russian. billionaire Mikhail Fridman's investment company LetterOne.
(source: Reuters)