Embraer (NYSE: ERJ) carried out its first aircraft non-payment insurance (ANPI) transaction financing the delivery of four Embraer E175 jets to SkyWest, Inc. (NASDAQ: SKYW). The transaction, completed in December 2020, was supported by the Aircraft Finance Insurance Consortium (AFIC), designed by Marsh and was underwritten by AXIS Insurance and Sompo International. The lender for the transaction is the Brazilian Development Bank (BNDES).
This transaction is a major achievement for the aircraft finance industry being the first AFIC-supported transaction for regional jets, the first AFIC-supported financing for an airline based in the United States, and the first AFIC-supported financing for commercial aircraft funded by an export credit agency (ECA).
AFIC´s insurance product provides additional flexibility in financing Embraer aircraft and could be used with ECA, bank, and capital markets funding, enhancing the possible financing structures available for Embraer customers. The AFIC product improves the credit quality of aircraft finance transactions through the use of a robust non-payment insurance policy underwritten by investment grade-rated insurance companies. It further reduces overall costs of financing while offering many other benefits to Embraer customers such as flexibility of terms and faster implementation.
Embraer’s relationship with SkyWest dates back to 1986, when SkyWest began operating the EMB 120 Brasilia turboprop. Since 2013, SkyWest has purchased more than 180 E175 jets.
Embraer is the world’s leading manufacturer of commercial jets with up to 150 seats. The Company has 100 customers from all over the world operating the ERJ and E-Jet families of aircraft. For the E-Jets program alone, Embraer has logged almost 1,800 orders and 1,600 deliveries, redefining the traditional concept of regional aircraft.
Southwest Airlines Company (NYSE: LUV) today shared its intention to bring service to Santa Barbara Airport and Fresno Yosemite International Airport in the second quarter of 2021.
“Our arrival in the Heart of California, both on the Central Coast and in the Central Valley, will round out nearly four decades of investment in our California Customers and communities,” Southwest Airlines Chief Commercial Officer & Executive Vice President Andrew Watterson said. “While other airlines seem to fall in and out of love with the state, we’re focused on increasing the reach of our low fares and flexible policies in places where we expect them to make a difference.”
“For years residents and businesses throughout Central California have expressed a desire for Southwest service and connectivity to their vast network of destinations and renowned customer service,” said Kevin Meikle, Director of Aviation for Fresno Yosemite International Airport. “Southwest will expand the Central Valley’s air transportation gateway to Yosemite, Sequoia and Kings Canyon National Parks, and we look forward to our new partnership with Southwest and their arrival in the spring.”
“We salute Southwest’s bold decision to enter one of the most vibrant and beautiful regions in California, bringing visitors to our sweeping coastline to experience our mild Mediterranean climate and distinctive Spanish-influenced architecture,” said Mayor Cathy Murillo of Santa Barbara. “For our residents, our partnership with Southwest will energize the economic rebound to come in 2021.”
Along with Palm Springs, which received its first Southwest flight on Nov. 19, 2020, the addition of Fresno and Santa Barbara will position Southwest Airlines as an option in 13 California airports before summer 2021, further deepening the carrier’s commitment to the Golden State. Southwest long has carried more air travelers to, from, and within California than any other carrier, a legacy sustained in the most recent reporting of U.S. Department of Transportation data on airline passengers traveling nonstop.
– You and your family can travel safely and with flexibility with Aer Lingus
– Free Unlimited changes on all routes and all fare types
– Guaranteed Voucher and Cash Refund option on certain fare types
Aer Lingus today launched its summer 2021 schedule offering a range of fare options so customers can book that long-anticipated summer holiday with confidence. Aer Lingus is ensuring families can look forward to traveling safely and with flexibility in summer 2021, and today it introduced new ways to keep bookings flexible should travel plans change with its ‘Book with Confidence’ proposition. With direct flights to Europe starting at €25.99 and US and Canada at €159, now is the time to start planning summer 2021.
Chief Commercial Officer, Dave Shepherd said: “We are offering customers a range of choices. There are free unlimited changes on all routes and all fare types*. There is the option of a full cash refund** on our Advantage/Flex fares. And from today, our Smart / Plus fares includes a new feature so that customers can avail of a voucher up to 14 days before travel to any destination or within 14 days if a country’s travel guidance changes*** from just €25.99. Aer Lingus is giving our customers the confidence to dream, so you can start to plan next summer’s adventure today with confidence.
“With flights up to August 2021 available for sale, you can start planning a reunion with friends in the Algarve, a sunny beach break with family in Malaga, or a romantic adventure in a European city and have something great to look forward to next year with Aer Lingus. For those looking to travel across the Atlantic in 2021, we have 12 direct North American routes to choose from including New York, Florida, San Francisco, Boston, Chicago, and Toronto, ”
With Aer Lingus, customers can book with the confidence that the airline prioritises the safety and wellbeing of our customers and our people at all times. Earlier this year Aer Lingus introduced a range of safety measures in line with the guidance provided by the European Union Aviation Safety Agency (EASA) and the ECDC (European Centre for Disease Prevention & Control). These measures include the mandatory wearing of face masks at all times by all customers and crew. Social distancing is practiced at check in, boarding gate, boarding and disembarking the aircraft. These measures, along with an enhanced cleaning system and our state-of-the-art air filtration technology as standard on our Airbus aircraft, ensure customers have a safe and comfortable flight.
For more information on the Aer Lingus summer 2021 sale, please visit www.aerlingus.com.
Notes to Editor:
*A fare difference may apply. Unlimited changes can be made on all bookings until 31st May
** Requests for vouchers and refunds can be made up until 14 days pre-departure
***Should a country move to red on the imminent EU Travel Framework
Terms & Conditions
Vouchers are valid for 5 years and can be used on the entire Aer Lingus network.
Change Fee Rules apply and fare difference may apply.
Change or Voucher requests must be made in advance of travel or these options will not apply.
Hilton’s new elevated yet approachable brand is off to the races, breaking ground in Louisville, Kentucky less than 60 days after its launch
MCLEAN, Va. – Hilton (NYSE: HLT) today announced the start of construction of its very first Tempo by Hilton property, hosting a groundbreaking ceremony in Louisville, Kentucky’s trendy NuLu neighborhood. The 130-key, six-story hotel is located at 710 East Jefferson Street and is co-owned by First Hospitality and Weyland Ventures. This inaugural Tempo by Hilton property is slated to open in time for the 2021 Kentucky Derby.
Breaking ground less than eight weeks from the Tempo by Hilton brand launch, this milestone marks one of the shortest time periods from brand announcement to groundbreaking in Hilton history. Additionally, the brand continues to exhibit robust deal momentum, with more than 30 confirmed deals in cities including New York, Maui, Boston and Washington D.C., as well as an additional 40 deals in various stages of development.
“We’ve seen an incredible response from owners who are excited about Tempo by Hilton, and we are working together with them to bring this new offering to market in record time,” said Phil Cordell, SVP and global head of new brand development, Hilton. “The brand delivers a unique blend of elevated yet within reach offerings that have been specifically developed to appeal to the burgeoning class of modern achievers, and we believe that the NuLu neighborhood is exactly the kind of place where Tempo by Hilton will not only fit in but thrive.”
In line with the brand’s commitment to localized touches in each property, this first Tempo by Hilton groundbreaking saw brand representatives and local dignitaries gather for an exciting event that included nods to the historic Kentucky Derby with details such as a burst of rose petals that evoked the famous race also known as the “Run for the Roses”. The ceremonial groundbreaking was symbolized by the staking of a Tempo by Hilton flag into the property site ground.
“We are excited to be the first city in the world to welcome the Tempo by Hilton brand,” said Louisville Mayor Greg Fischer. “Our city’s economy is booming, with more than $15 billion in investment since 2014, more than 1,200 hotel rooms added in the past 18 months, and an additional 1,100 hotel rooms under construction. The Tempo by Hilton will add to that great economic vitality.”
Once open, the new Tempo by Hilton Louisville NuLu will offer a rooftop bar, allowing patrons to sip in style as they take in the surrounding skyline. The property will provide guestrooms that have been designed as welcoming treats with the brand’s signature Power Up and Power Down collections to assist guests with getting energized for the day or winding down for the night, as well as inviting public spaces, including flexible meeting space, a state-of-the-art fitness center, and surprising, uplifting artistic touches.
“As part of the next generation leading First Hospitality, a long-time Hilton partner, I’m beyond proud that we are breaking ground on the very first hotel of this next-generation brand,” said Sam Schwartz, VP of Asset Management for First Hospitality. “We couldn’t be more excited for this property to be going up in NuLu, a neighborhood known for its rich arts and culinary scenes.”
Thoughtfully designed with the modern achiever in mind, the new Tempo by Hilton Louisville NuLu will also provide complimentary coffee and tea via the in-lobby Fuel Bar, as well as a range of additional food and beverage options including an innovative café-style offering serving a variety of smoothies, lattes, breakfast sandwiches, bowls and more, limited market, and in-lobby bar specializing in both spirited and non-spirited craft cocktails.
Tempo by Hilton Louisville NuLu will participate in Hilton Honors, the award-winning guest loyalty program for Hilton’s 18 world-class brands. Hilton Honors members who book directly through preferred Hilton channels will have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount, and free standard Wi-Fi. Members can also enjoy popular digital tools available exclusively through the industry-leading Hilton Honors mobile app where Hilton Honors members can check-in, choose their room and access their room using Digital Key.
On March 1, 2020, Amtrak is launching a series of updates to provide customers more options for savings. Amtrak is offering deeply discounted tickets and reduced fares. Keep an eye out for a variety of new, ultra-low Saver Fares in cities including Orlando, Tampa and South Florida —making travel a breeze in the Sunshine State. Discounted Coach fares start at just $9 – a savings of up to 50% off the base fare. Look for more of these offers on March 2!
To make these lowered fares feasible, Amtrak is implementing a few more restrictions on tickets. In an effort to better fit each customer’s need, Amtrak is revising the following:
Saver Fares: Our most discounted fares offered with the most restrictions – including no changes, upgrades or cancelations 24 hours after purchase.
Value Fares: Our standard fare offered with some restrictions – a fee may apply for cancelations or changes made within 14 days of departure.*
Flexible Fares: Our fare with the most flexibility built-in – including the ability to make no-fee changes and receive a full refund up to the moment of departure.
All fares include an array of amenities that come with Amtrak – including downtown-to-downtown service, no middle seat, ample legroom, the ability to earn Amtrak Guest Rewards points and one of the most generous baggage policies in travel. The change fee will not be applied to multiride, Rail Pass, pass riders, group reservations, sleeping accommodations, Acela First Class/non-Acela Business class, Flexible Fares, Unreserved Coach, corporate, Amtrak Guest Rewards Select Executive members, government fare plans and the first change to a reservation made prior to March 1, 2020.
*The change fee will not apply to Value fares if the customer is adding to an existing reservation (booked prior to March 1) or upgrading on the same train and day as the original reservation.
Volkswagen logo is seen on a Teramont X SUV displayed at the second media day for the Shanghai auto show in Shanghai
HONG KONG/BEIJING (Reuters) – Volkswagen AG <VWAGY> is set to take a 20% stake in Chinese electric vehicle battery maker Guoxuan High-tech Co Ltd, two sources told Reuters, as the German firm accelerates its electric push into the world’s largest auto market.
The deal would mark Volkswagen’s first direct ownership in a Chinese battery maker and comes as the Wolfsburg-based automaker strives to meet a goal of selling 1.5 million new energy vehicles (NEVs) a year in China by 2025, including plug-in hybrid cars.
The top foreign automaker in China plans to acquire the stake in Shenzhen-listed Guoxuan via a discounted private share placement in the coming weeks, the two sources with knowledge of the matter said. Based on Guoxuan’s market capitalization of $2.8 billion, a 20% stake in the company at present is worth about $560 million.
The deal’s details have been mostly finalized and the two firms are waiting for new Chinese regulatory rules on private share placements that will provide a more flexible pricing mechanism and shorter lock-up periods for majority shareholders, said one of the people, speaking on condition of anonymity.
After the stake purchase, Volkswagen will become the battery maker’s second-largest shareholder with a 20% stake, behind Zhuhai Guoxuan Trading Ltd, a firm controlled by Guoxuan’s founder Li Zhen, which currently holds 25%.
Guoxuan is among a swathe of mid-tier Chinese battery makers behind CATL and BYD. It is based in China’s eastern city of Hefei, where Volkswagen is also building electric vehicles with JAC Motor, one of a number of its Chinese joint venture partners.
A third source, who declined to be named due to the sensitivity of the matter, said Volkswagen has long wanted to control a battery maker to better manage its supply chain.
Volkswagen declined to comment. Guoxuan and the China Securities Regulatory Commission did not immediately respond to requests for comment.
To achieve its NEV sales goal in China, Volkswagen has built a new $2.5 billion electric vehicle plant with partner SAIC Motor that will have annual output capacity of 300,000 cars and is also revamping manufacturing facilities in China’s southeastern city of Foshan to build electric cars with partner FAW Group.
Volkswagen has also identified CATL as a strategic supplier and Volkswagen board member Stefan Sommer told Reuters in July last year that it could even build its own battery cell manufacturing plants in China.
“By holding a stake in the top Chinese battery makers, carmakers can gain more bargaining power on battery prices,” said Yale Zhang, managing director of Shanghai-based consultancy AutoForesight. “Foreign carmakers are now catching up with their Chinese counterparts on securing battery supplies in China.”
Volkswagen’s rivals in China include Tesla, which earlier this month began delivering cars from its $2 billion factory in China. The U.S. electric car maker eventually plans to manufacture 250,000 vehicles a year in the plant’s first phase.
China has been a keen supporter of NEV – pure battery electric, hybrid and plug-in hybrids – and has started implementing NEV sales quota requirements for automakers.
However, cuts to subsidies have dealt the market a blow, with NEV sales contracting for the first time last year. Sales this year are likely to be flat or rise only slightly, according to China’s top auto industry association.
(Reporting by Julie Zhu in Hong Kong and Yilei Sun in Beijing; Additional reporting by Zhang Yan and Zhang Xiaochong in Beijing; Editing by Brenda Goh and Richard Pullin)
PARIS, Dec 5 (Reuters) – Airbus must hand a record number of aircraft to customers in December to meet delivery goals, company data showed on Thursday, and is all but certain of winning an annual order race against Boeing.
The European planemaker has been facing production snags in its best-selling A321neo jet, due in part to the introduction of a complex new flexible cabin, but has said it is confident of meeting a goal of 860 jets in 2019, revised down from 880-890.
To reach that target it must deliver 135 jets in December, beating a previous record of 127 December deliveries by 6%.
Airbus delivered 77 aircraft in November to reach 725 for the year so far, according to Thursday’s progress report.
Airbus has a track record of achieving a late surge in deliveries, though it is also working to spread deliveries more evenly over the year in future to smooth earnings and avoid quality problems that can creep in when it is working flat out.
Whether or not it meets targets, Airbus is set to regain the crown as the world’s largest commercial plane producer this year as U.S. rival Boeing approaches nine months without deliveries of its 737 MAX, grounded after two crashes.
Boeing is expected to jump back into the lead next year as projected deliveries include 737 MAX jets parked during the grounding, while remaining ahead on larger jets, but the timing of the 737 MAX return to service depends on global regulators.
Airbus is also on course to win an annual order contest between the plane giants after booking orders for 222 aircraft in November, driven mainly by last month’s Dubai Airshow.
Emirates ordered 50 A350-900 jets at the show as part of a fleet shake-up that also saw the world’s largest wide-body operator cut a remaining order for A380s and reduce its requirement for Boeing 777X jets, while adding the Boeing 787.
Airbus sold a total of 940 jets in January-November, or 718 after cancellations, leaving it well ahead of Boeing, whose year has been derailed by the grounding of the 737 MAX. In the latest period for which data is available, Boeing sold 180 jets in the first nine months or 45 after cancellations.
The latest figures were released days after Airbus won a sale of 50 A321XLR jets to United Airlines, narrowing the potential market for a mid-market plane that Boeing has been studying, while slowing those discussions during the MAX crisis.
United also delayed delivery of 45 A350s by several years to 2027 and beyond. UK analysts Agency Partners said on Thursday that this could put pressure on A350 output in coming years.
(Reporting by Tim Hepher; Editing by Giles Elgood and Andrew Heavens)
BAE Systems has been selected by the vessel contractor to provide the German federal police force, Bundespolizei, with three 57mm naval guns for its three new 86m Offshore Patrol Vessels (OPVs) built by Fassmer shipyard.
The gun systems, known as the Bofors 57 Mk3, will support the maritime arm of the Bundespolizei that monitors the country’s North Sea and Baltic coastlines. The 57 Mk3 is a flexible, highly versatile gun system designed to react quickly for close-to-shore operations.
“The Bofors 57 Mk3 is a versatile naval gun with firepower and range that exceeds expectations when compared with similar, medium calibre naval gun systems. That’s how our 57 millimeter system has earned its reputation as the deck gun of choice for ships operating in coastal environments,” said Ulf Einefors, director of marketing and sales for BAE Systems’ weapons business in Sweden. “This contract expands the number of European nations deploying the 57 Mk3 and reflects the growing interest we’re seeing in the region, where we look forward to supporting new opportunities in the near future.”
The 57 Mk3 naval gun is also in use with the allied navies and coast guards of eight nations, including Canada, Finland, Mexico, and Sweden, as well as the United States, where it is known as the Mk110 naval gun.
This contract also includes accompanying fire control systems as well as systems integration support. Work is expected to begin immediately and will be performed at the BAE Systems facility in Karlskoga, Sweden. The first unit is scheduled for delivery in 2020.
