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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
Trump US energy emergency situation order must hold up against court difficulties
U.S. President Donald Trump's. statement of a nationwide energy emergency situation to boost drilling and. speed up pipeline construction need to hold up against court obstacles. but will not permit oil and gas manufacturers to skirt all. ecological laws, according to legal specialists.
Trump, a Republican who campaigned on a promise to drill. child drill, has said the declaration will speed allowing and. approval of energy tasks to fix what he has called an. inadequate and unaffordable U.S. energy supply.
The U.S. is the world's biggest oil producer and the world's. largest exporter of liquefied natural gas, according to U.S. Energy Information Administration information.
Trump's energy statement, amongst the executive orders he. signed his very first day in workplace, conjures up a federal law offering the. president broad discretion to declare emergency situations and unlock. special powers. Legal experts state challenging the declaration. itself in court would likely be futile due to the fact that courts seldom. concern the president's judgment in using the National. Emergency situations Act.
The law does not specify what an emergency is, therefore far no. court has actually been willing to reverse a finding that there is an. emergency situation, said University of California, Berkeley Law School. teacher Dan Farber.
The National Emergencies Act can open governmental powers. in 150 various statutes but has limited reach into. environmental laws and regulations.
The true legal tests will likely develop in implementation of. the order, which directs federal companies to search their books. for laws and regulations that might be used to speed along. approval and allowing for projects like drilling, refining and. pipeline building.
The order cites laws consisting of the Tidy Water Act,. Endangered Species Act and Mammal Security Act, which enforce. evaluation and allowing requirements on energy projects.
It could speed up energy projects but likewise harm water. requirements, threatened species securities, fill in the blank,. stated Emory University School of Law teacher Mark Nevitt.
There's a factor those emergency policies aren't tapped. on an everyday basis.
Erik Schlenker-Goodrich, Executive Director of the Western. Environmental Law Center, stated he anticipates the majority of the legal. combating to develop over what federal agencies really do, rather. than the declaration itself.
We prepare for that political appointees will work to. carry out Trump's agenda through secretarial orders and particular. agency actions, whether regulative rollbacks, new lease sales,. drilling licenses, pipeline approvals, and so on. That's where the. fight will prove most intensive, Schlenker-Goodrich said.
The emergency situation statement could be a beneficial tool for. protecting those firm choices in court, offering a nationwide. security reasoning that judges would be not likely to concern,. some professionals said.
The order consists of a prominent function for the president's. National Security Advisor, who could accept reports. concluding that specific regulatory rollbacks are required to. secure important national interests.
When you have that badge of approval from the National. Security Council, you can flash it to every federal judge that. attempts to stand in the method, because courts regularly defer to. national security claims, stated Tyson Slocum of the customer. advocacy group Public Resident.
Ecological groups have actually condemned the energy emergency. order, stating environment change driven by fossil fuels consumption. is the real emergency situation.
But some have said they do not anticipate to submit lawsuits till. they see what the administration in fact does.
It's hard to challenge an executive order in general, said. Brett Hartl of the Center for Biological Diversity. If they. start doing things that are egregious and use the executive. order as a reasoning, we would be prepared to take legal action against, Hartl included.
David Doniger, a senior attorney with the Natural Resources. Defense Council, said in a declaration that the emergency situation. declaration does not override other laws and that any regulatory. rollbacks detailed in executive orders will have to be done. through appropriate legal channels.
We definitely will challenge rollbacks that do not have legal and. clinical assistance.
While Trump can motivate brand-new drilling by rolling back. regulations and pushing for more fossil fuel output in locations. like Alaska, the cadence at which oil and gas production. increases will ultimately be chosen by energy companies and. market forces.
Numerous energy companies have actually restrained development in recent years. to focus on shareholder returns and buybacks after investors. soured on the sector. On the other hand, gas manufacturers are. seeking to a boom in new U.S. LNG facilities to boost demand. after cutting output in 2024 as rates fell to the lowest in. decades.
(source: Reuters)