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
Panama Canal seeks LNG resurgence after 65% decline in traffic
The Panama Canal aims to restore vessel traffic bring U.S. liquefied natural gas to Asia as demand in that market rises and a brand-new appointment system allows carriers to secure slots, following a 65% decrease in the transit of its secondmost crucial sector, the Panama Canal Authority informed Reuters.
A U.S. LNG switch to Europe in the aftermath of Russia's. invasion of Ukraine, integrated with long waiting times and. costly charges to transit through Panama due to severe dry spell,. have actually kept many LNG ship of the canal.
Lots of gas exporters continue to take longer routes around. South America even after the waterway's authority raised the. limitations this year. The canal is the quickest route to Asia. for U.S. gas exporters, whose sales to Japan, China, South Korea. and India have grown considerably in the last decade.
In the case of LNG, we lost 65% (of traffic), which is the. traffic that now goes through Cape Horn, compared to what we had. in 2015, 2 years earlier, stated the Canal's administrator,. Ricaurte Vazquez, in an interview in Panama City.
Europe's big hunger for U.S. LNG and hold-ups licensing. brand-new LNG tasks in the United States have actually been the primary motorists. of the switch, he included, although the canal's drought-related. constraints likewise played an essential role, carriers said.
The obstacles of the last dry spell were extremely visible for. everybody, said Anatol Feygin, an executive vice president at. Cheniere Energy, the top U.S. LNG manufacturer.
Due To The Fact That the Panama Canal Authority charges a set fee per. passage, it can be easier for U.S. manufacturers to take. longer paths to Asia depending upon international LNG prices, shipment. terms in contracts and seasonal need.
Often individuals forget that going through the canal ... is. not a complimentary shortcut, Feygin said, describing transit charges. Financially, the option of going around the Cape is not far. from the economics of going through the canal.
But a recovery in Asian LNG need, likely to continue next. year, might require increased shipments through the canal.
We do think that development in LNG need will be driven by. Asia, Feygin included, referring to China, South Asia and. Southeast Asia. And we do believe that U.S. Gulf Coast volumes. will continue to be the single largest exporting node in the. world.
MORE PASSAGES REQUIRED
A new reservation system and lower expenses enabled the canal's. earnings to increase 9.5% to $3.45 billion in the fiscal year that. ended in September, in spite of the dry spell.
But commodities manufacturers think the canal's administration. still has space to set up more transits of LNG and liquefied. petroleum gas (LPG) vessels. The parties have been in touch. considering that in 2015 to think about propositions.
Panama now provides two transit slots each day for LNG ships,. however a long-term reservation system beginning in January will. enable manufacturers to reserve slots as much as a year ahead of time.
The first auction of this type, completed this month, raised. $ 394 million and will represent 40% of all transits through. its largest locks in 2025, administrator Vazquez stated.
Shorter waiting times and the set-aside of a minimal number. of slots for vessels getting to the canal without bookings. will allow Panama to much better manage arrivals. And some other. steps to enhance remain in conversation, including some in. anticipation of dry years, Vazquez added.
It (the canal) still has some constraints that we are. working through, like the truth that LNG carriers do not have. night-time transit capabilities through the new locks, Feygin. said.
The canal, which is monitoring the expansion of international LNG. fleets and the status of brand-new U.S. LNG projects, expects that. bigger LNG vessels, consisting of floating storage units that feed. LNG to onshore centers, will be going through Panama's. largest locks in the next 18 months.
(source: Reuters)