– New order expands Polish carrier’s commitment to the 737 family
– Enter Air: “Convinced 737 MAX will be the best aircraft…for many years to come”
Boeing [NYSE: BA] and Enter Air today announced the Polish airline is expanding its commitment to the 737 family with a new order for two 737-8 airplanes plus options for two more jets.
An all-Boeing operator and Poland’s biggest charter carrier, Enter Air began operations in 2010 with a single 737 airplane. Today, the airline’s fleet includes 22 Next-Generation 737s and two 737 MAX airplanes. When the new purchase agreement is fully exercised, Enter Air’s 737 MAX fleet will rise to 10 aircraft.
“Despite the current crisis, it is important to think about the future. To that end, we have agreed to order additional 737-8 aircraft. Following the rigorous checks that the 737 MAX is undergoing, I am convinced it will be the best aircraft in the world for many years to come,” said Grzegorz Polaniecki, general director and board member, Enter Air.
Enter Air and Boeing have also finalized a settlement to address the commercial impacts stemming from the grounding of the 737 MAX fleet. While the details of the agreement are confidential, the compensation will be provided in a number of forms and staggered over a period of time.
“In the settlement with Boeing, we agreed to revise the delivery schedule for the previously-ordered airplanes in response to current market conditions. The specific terms of the settlement are strictly confidential, but we are pleased with the way Boeing has treated us as its customer,” added Polaniecki.
“We are humbled by Enter Air’s commitment to the Boeing 737 family. Their order for additional 737-8s underscores their confidence in the airplane and the men and women of Boeing,” said Ihssane Mounir, senior vice president of Commercial Sales and Marketing, The Boeing Company. “We look forward to building on our decade-long partnership with Enter Air and working with the airline to safely return their full 737 fleet to commercial service.”
Enter Air 737 MAX 8 (7210) C1 Flight – November 28, 2018
PALO ALTO, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) — Tesla, Inc. (“Tesla”) announced today that the Board of Directors has approved and declared a five-for-one split of Tesla’s common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Each stockholder of record on August 21, 2020 will receive a dividend of four additional shares of common stock for each then-held share, to be distributed after close of trading on August 28, 2020. Trading will begin on a stock split-adjusted basis on August 31, 2020.
Forward-Looking Statements
Certain statements, including, without limitation, statements regarding the expected timing and impact of the stock dividend are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations. Various important factors could cause actual results to differ materially, including the risks identified in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. Tesla disclaims any obligation to update this information.
Leading carriers, including Alaska Airlines, Japan Airlines, and All Nippon Airways, choose Boeing Global Services supply chain support despite current market challenges
Digital solutions enhance operational efficiency with data-driven analytics
Boeing [NYSE: BA] announced a number of services orders and agreements to support international customers, streamline their operations and enhance their future growth. These supply chain solutions will simplify customers’ asset and maintenance management, inventory and operating costs, while improving parts availability. The agreements for Boeing’s digital solutions will provide cost savings fleet-wide, enhance airline crew situational awareness and increase operational efficiency. “As airlines and operators continue to respond to the current challenges facing the global air travel industry, our partners are moving forward, integrating creative solutions to continue connecting people around the world,” said Ted Colbert, president and CEO, Boeing Global Services. “Boeing is working closely with our customers around the world, delivering the customized solutions they need to improve operational efficiency, support their fleets, and reduce their costs.”
Supply chain agreements include:
Alaska Airlines signed its largest consumable and expendable services agreement, with a multiyear agreement for solutions which include a Tailored Parts Package and Quick Engine Change kits. The agreement supports Alaska’s fleet of Boeing 737 airplanes and provides price and availability benefits that allow the airline to streamline its maintenance operations. The Tailored Parts Package consists of 2,900 part numbers. Throughout the term of this three-year agreement, Boeing anticipates the shipment of nearly 800,000 parts and four Quick Engine Change kits, which will be used to configure spare engines to allow for quick return of an airplane to service when an engine needs to be repaired or replaced.
All Nippon Airways, the largest airline in Japan, announced a partnership with Boeing Global Services to install a 787-9 galley facility in its new training center to enhance crew training opportunities. All Nippon Airways also signed an agreement for ten 767 Quick Engine Change kits.
Agreements for data-driven solutions include:
Xiamen Airlines, Japan Airlines, and All Nippon Airways have signed agreements to acquire the Optimized Maintenance Program that combines advanced data analytics with Boeing’s engineering expertise to help airlines achieve greater airplane availability and more efficient maintenance operations. To date, the Optimized Maintenance Program has been delivered to 24 airlines and approved by their local regulatory agencies to support a total of 2,519 Boeing airplanes across several models. Xiamen is the first airline in China to adopt the program.
A number of customers in China, including Suparna Airlines, Zheijiang Loong Airlines, West Air, Guangxi Air, Urumqi Air, and Air Changan signed agreements for Boeing digital solutions that enhance operational efficiency, further streamline paperless operations in the flight deck, and optimize flight planning capabilities. Boeing provides tailored charting for more than 74 percent of the commercial aviation market; supplies digital navigation data to more than 58 percent of global airlines; and delivers flight deck solutions to 67 percent of the world’s airlines. Overall, two-thirds of all global airline flights use Jeppesen FliteDeck Pro electronic flight bag (EFB) navigation and charting applications on a daily basis.
Vistara, an Indian full-service carrier and a joint venture of Tata group and Singapore Airlines, has added to their suite of Boeing Global Services crew solutions with a multiyear agreement for Crew Pairing to improve operational and readiness efficiency and reduce airline costs. The solution will help optimize crew planning operations for approximately 1,100 crew members across Vistara’s 40 Boeing and Airbus aircraft.
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. A top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 160,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.
São José dos Campos, Brazil, May 26th, 2020 – Congo Airways have converted the firm order made in December 2019 for two E175 aircraft, with purchase rights for two more, into a firm order for two E190-E2 jets, with purchase rights for a further two. The new deal has a total value of USD 256 million at current list prices with all purchase rights exercised, and will be included in Embraer’s second quarter backlog.
Desire Bantu, CEO of Congo Airways said, “These new jets will be replacing our legacy turboprops and will allow us to extend our operations within the Democratic Republic of Congo, and regionally to West, Central, and Southern Africa. Despite the current difficult circumstances, the fundamentals of our market have not changed; so we expect the momentum we’ve seen in the past to redevelop. I said in December that we may need to make an additional order for E2s due to the agility required to adapt to market changes – we have now reached that point. As we prepare for future success, we will have the flexibility, and the right sized, most efficient aircraft, to serve our customers as the market returns.”
“It’s great to welcome another airline to the E2 and the Embraer family of operators, especially in Africa where the demand for regional travel had been growing strongly before the current crisis. Africa has long been a market with low frequencies and long thin routes. As airlines start ramp up their operations, the E2 family of aircraft is perfectly positioned to right size routes previously operated by narrowbodies, while keeping frequencies and adjusting capacity to new levels.” said Raul Villaron, Vice President Sales, Africa and Middle East, Embraer Commercial Aviation. “We look forward to supporting Congo Airways as they continue to upgrade their offering to their customers.”
The aircraft will be configured in a dual class layout seating 96 passengers in total, with 12 staggered business class seats. Deliveries are expected to begin in the second quarter of 2022. This is second E2 order received from an African customer. There are currently 189 Embraer aircraft operating in Africa with 54 airlines in 27 countries.
Embraer is the world’s leading manufacturer of commercial aircraft up to 150 seats with more than 100 customers across the world. For the E-Jets program alone, Embraer has logged more than 1,800 orders and 1,500 aircraft have been delivered. Today, E-Jets are flying in the fleets of 80 customers in 50 countries. The versatile 70 to 150-seat family is flying with low-cost airlines as well as with regional and mainline network carriers.
Boeing is extending the temporary suspension of production operations at all Puget Sound area and Moses Lake sites until further notice. These actions are being taken in light of the company’s continuing focus on the health and safety of employees, current assessment of the spread of COVID-19 in Washington state, the reliability of the supply chain and additional recommendations from government health authorities.
During the suspension, the company will continue to implement additional health and safety measures at its facilities to protect employees. These measures include new visual cues to encourage physical distancing, more frequent and thorough cleaning of work and common areas and staggering shift times to reduce the flow of employees arriving and departing work, among many other improvements.
“The health and safety of our employees, their families and our communities is our shared priority,” said Boeing Commercial Airplanes President and CEO Stan Deal. “We will take this time to continue to listen to our incredible team and assess applicable government direction, the spread of the coronavirus in the community and the reliability of our suppliers to ensure we are ready for a safe and orderly return to operations.”
The volunteers who have been supporting essential site and services work should continue to report to their assigned shifts. Puget Sound area and Moses Lake employees who can work from home should continue to do so.
As the suspension of operations continues, Boeing will monitor government guidance and actions on COVID-19 and associated impact on all company operations. Boeing sites that remain open are being monitored and assessed on a daily basis.
Medallion Members will be able to enjoy their current Status through 2021
Other program and card benefits will be extended between six months and one year
Delta SkyMiles Medallion Members will enjoy the same loyalty benefits throughout 2021 as they have in 2020. The 12-month Status extension is part of Delta’s work to offer greater flexibility as coronavirus impacts travel plans, so customers can rest assured their Status will be there when they’re ready to fly.
“On behalf of all of us at Delta, I want to thank our customers for your continued loyalty during these unprecedented times. While our focus is on keeping customers and employees safe and healthy today and always, you are a part of the Delta family and we know how important these benefits are to you,” said Sandeep Dube, Delta’s Senior Vice President – Customer Engagement and Loyalty, and CEO of Delta Vacations. “That’s why as coronavirus continues to dramatically impact travel across the globe, you don’t have to worry about your benefits – they’ll be extended so you can enjoy them when you are ready to travel again.”
The following updates will happen automatically over the coming weeks, with no action needed from customers.
Medallion Members:
All Medallion Status for 2020 will be automatically extended for the 2021 Medallion Year.
All Medallion Qualification Miles (MQMs) from 2020 are being rolled over to 2021 to qualify for 2022 Medallion Status.
Delta Sky Club Individual and Executive memberships with an expiration of March 1, 2020, or later will receive six additional months of Delta Sky Club access beyond their expiration date.
Delta SkyMiles American Express Card Members:
If you have one of the following in your SkyMiles profile “My Wallet” that is valid now or has expired since March 1, 2020, we are extending the expiration dates to give you additional time to enjoy your benefits:
Delta SkyMiles Gold Card Members with a $100 Delta flight credit will get a six-month extension beyond their current expiration date.
Delta SkyMiles Platinum Card Members with Companion Certificates with an original expiration date between March 1 and June 30, 2020, can use them when they book and fly by Dec. 31, 2020, and those that expire between July 1, 2020, and April 1, 2021, will receive an additional six months beyond the current expiration date.
Delta SkyMiles Reserve Card Members with Companion Certificates with an original expiration date between March 1 and June 30, 2020, can use them when they book and fly by Dec. 31, 2020, and those that expire between July 1, 2020, and April 1, 2021, will receive an additional six months beyond the current expiration date.
Delta SkyMiles Reserve Card Members will also get a six-month extension to use their Delta Sky Club One-Time Guest Passes beyond their current expiration date.
SkyMiles Members:
If you have one of the following in your SkyMiles profile “My Wallet” that is valid now or has expired since March 1, 2020, we are extending the expiration dates to give you additional time to enjoy your benefits:
Upgrade Certificates or $200 Travel Vouchers with an original expiration date between March 1 and June 30, 2020, are extended – now, they can be booked and flown by Dec. 31, 2020. And, SkyMiles Members with Upgrade Certificates or $200 Travel Vouchers that expire after June 30, 2020, will receive an additional six months beyond the current expiration date.
SkyMiles Select members will receive a six-month extension to the Priority Boarding benefit and any unused drink vouchers.
“We are continuously monitoring how coronavirus impacts travel and will make additional adjustments to support our customers’ needs as the pandemic evolves,” said Dube.
SkyMiles Members enrolled in a challenge or promotion to earn Medallion Status, such as the Status Match Challenge, Reclaim My Status or a promotion offered through their employer, can restart that promotion when they are ready to travel again. Those Members will receive next steps from Delta in the coming weeks.
(Reuters) – Air New Zealand <AIR.NZ> said on Tuesday nearly a third of its employees, about 3,500, will be laid off in the coming months, as it grapples with severe global travel curbs due to the coronavirus that has forced it to cancel nearly all flights.
The national carrier, which employs 12,500 people, said the announced number of layoffs was a “conservative” assumption, and that it could rise if the domestic lockdown and border restrictions were extended.
Large scale layoffs of its global staff will start this week, the company said.
“Unfortunately, COVID-19 has seen us go from having revenue of NZ$5.8 billion to what is shaping up to be less than NZ$500 million annually based on the current booking patterns we are seeing,” Chief Executive Officer Greg Foran said in an email to staff and customers.
“This has the potential to be catastrophic for our business unless we take some decisive action.”
Air New Zealand is an example of the dire situation facing airlines across the world due to curbs on travel to control the spread of the virus.
“We have had to cut more than 95 percent of our flights here in New Zealand and around the world. The only flights remaining are in place to keep supply lines open and transport options for essential services personnel,” Foran added.
Earlier in March, the New Zealand government offered the airline a NZ$900 million ($540.99 million) lifeline to keep it in the air.
The company also noted that “every dollar we use from this loan facility comes with interest (more than double current interest rates for a household mortgage) and must be re-paid.”
“Burdening our airline with massive debt would significantly lessen our ability to compete with airlines emerging from COVID-19,” said Foran.
He also said that in a year’s time he expects staffing levels to be 30% smaller than it is currently.
($1 = 1.6636 New Zealand dollars)
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shinjini Ganguli)
FILE PHOTO: An Air New Zealand Airbus A320 plane takes off from Kingsford Smith International Airport in Sydney
The Qantas Group has completed a new round of debt funding, securing $1.05 billion in additional liquidity to strengthen its position as it manages through the Coronavirus outbreak.
This debt has been secured against part of the Group’s fleet of unencumbered aircraft, which were bought with cash in recent years. The loan has a tenure of up to 10 years at an interest rate of 2.75 per cent.
This funding increases the Group’s available cash balance to $2.95 billion with an additional $1 billion undrawn facility remaining available.
The Group’s net debt position remains at the low end of its target range, at $5.1 billion, with no major debt maturities until June 2021. In line with the rest of the Qantas debt book, the new funding contains no financial covenants.
With a further $3.5 billion in unencumbered assets, the Qantas Group retains flexibility to increase its cash balance as a prudent measure in the current climate. As previously announced, various steps have been taken to significantly reduce activity levels and costs given the dramatic revenue impact of the Coronavirus pandemic and the related travel restrictions on Jetstar and Qantas passenger services.
Qantas Group CEO Alan Joyce said: “Over the past few years we’ve significantly strengthened our balance sheet and we’re now able to draw on that strength under what are exceptional circumstances. Everything we’re doing at the moment is focused on guaranteeing the long term future of the national carrier, including making sure our people have jobs to return to when we have work for them again.”
Seven of the Group’s 11 wholly-owned Boeing 787-9’s have been securitised against this funding.
Following self-quarantine restrictions issued by the Australian government, Delta is temporarily suspending service from Los Angeles to Sydney beginning March 18 through April 11.
The last flight from L.A. to Sydney will depart Tuesday, March 17. The last flight from Sydney to L.A. will depart Thursday, March 19.
See here for a list of all current schedule changes.
CHANGING YOUR FLIGHT
Delta has waived change fees for customers traveling to, from or through Australia through May 31. Additional details are available on delta.com.
To help address customers with immediate travel needs, Delta is asking those who do not have travel in the next 72 hours to wait and contact the airline closer to their trip. Customers can also change or cancel a flight anytime before their travel date using My Trips on Delta.com.
To provide even more flexibility, any Delta ticket expiring in March or April is being extended to enable rebooking and travel until Dec. 31, 2020. If you’re not able to adjust your plans in time and don’t make your flight, your ticket number automatically becomes an unused eCredit within 24 hours that can be used to rebook a flight in My Trips or with Delta Reservations.
CAPPED FARES
To ensure customers can travel with financial peace of mind, Delta will cap fares to and from all destinations Delta serves throughout the U.S. and Canada through March 31. These fare caps are in place in all cabins, from Delta One to Main Cabin.
PROVIDING A SAFE AND CLEAN ENVIRONMENT
Delta’s highest priority is to ensure the health and safety of customers and employees. The airline is regularly disinfecting check-in kiosks, ticket counters, gate areas, jet bridges, and more multiple times a day. More information on our cleaning procedures can be found here.
Consortium of bidders led by Advent, Cinven and RAG foundation
Sales proceeds pave the way for further transformation of thyssenkrupp
Cash inflow remains within the company
Buyers give far-reaching site and employment guarantees for tk Elevator
Closing and purchase price payment expected by the end of the current fiscal year
Martina Merz: “With the sale of Elevator, thyssenkrupp can pick up speed again. We will reduce the company’s debt as far as is necessary and at the same time invest as much as is reasonable in its further development.”
thyssenkrupp sells its Elevator Technology business entirely to a consortium led by Advent, Cinven and RAG foundation. The respective Executive Board decision was approved on Thursday evening by the Supervisory Board of thyssenkrupp AG. The purchase agreement has been signed. Closing of the transaction is expected by the end of the current fiscal year. The purchase price is €17.2 billion. thyssenkrupp will reinvest part of the purchase price[1] (€1.25 billion) in a stake in the elevator business. The transaction is subject to merger control approvals, although thyssenkrupp does not expect the competent authorities to have any reservations. The proceeds from the transaction will remain within the company and are to be used to the extent necessary to strengthen the balance sheet. Alongside this, the proceeds shall be used to advance the development of the remaining businesses and the portfolio. As announced at the Annual General Meeting at the end of January, thyssenkrupp is proceeding the analysis phase so that a decision on the concrete use of funds can be taken in May.
Martina Merz, CEO of thyssenkrupp AG: “With the sale, we are paving the way for thyssenkrupp to become successful. Not only have we obtained a very good selling price, we will also be able to complete the transaction quickly. It is now crucial for us to find the best possible balance for the use of the funds. We will reduce thyssenkrupp’s debt as far as is necessary and at the same time invest as much as is reasonable in developing the company. With this, thyssenkrupp can pick up speed again.”
The sale of Elevator is a favorable solution not only for the company, its shareholders, customers and employees, but also for the elevator business itself. In the consortium, thyssenkrupp has found new owners for the elevator business who have extensive industrial expertise and offer the workforce a high degree of security. The buyers have a strong track record in profitably growing and nurturing companies to become global champions.
In negotiations with employee representatives and the IG Metall trade union, the buyers have committed to far-reaching site and employment guarantees. In addition, it was agreed that the buyers will continue to manage thyssenkrupp Elevator as a global group. The company will also remain based in Germany and employee co-determination will continue. That means the solution is in line with thyssenkrupp’s understanding of corporate and social responsibility.
“We are not pleased to part with our employees and the elevator business. Nevertheless, today is a good day for everyone involved. With this step, we are opening up real prospects for the future: for the elevator business as an independent company and, with the financial solidity we have gained, also for all other areas of thyssenkrupp,” Martina Merz added.
New Technology Creates Hyper Elevators That Can Go Sideways
