Tag: Board (Page 3 of 7)

Inauguration of Dubai Route 2020 Metro

July 15, 2020 / WIL BALDWIN

Alstom-led consortium delivers extension of Dubai Metro Red Line

A full turnkey integrated system
15km-long
50 Metropolis trainsets
Total value of the project is €2.6 billion

Alstom congratulates Dubai’s Roads and Transport Authority (RTA), on the inauguration of the Dubai Route 2020 Metro. This iconic project was ceremonially inaugurated by H. H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and Ruler of the Emirate of Dubai on 7 July 2020, and was also attended by Henri Poupart-Lafarge, Alstom’s CEO and Chairman of the Board as well as the top management of the ExpoLink Consortium via video conference technology.

The new line project, commenced in July 2016 and carried out by the Alstom-led ExpoLink consortium, also composed of ACCIONA and Gülermak, consists of a 15km-long line, of which 11.8km is above ground and 3.2km underground, and an interchange on the Red Line. The extension of the metro has seven stations including Jabel Ali Station and the flagship metro station at the Expo exhibition site. The project is worth a total of €2.6 billion.

As part of the Consortium, Alstom was responsible for the integration of the entire metro system including 50 Metropolis trainsets produced in Alstom’s site in Katowice, Poland, power supply, communication, signalling, automatic ticket control, track works, platform screen doors and a three-year warranty on the whole system, as well as the enhancement of the existing metro line by upgrading power supply, signalling systems, miscellaneous communication and track works. The trainsets are 85.5 meters long and composed of five cars per trainset, and they will be able to carry up to 696 passengers each.

The train offers an excellent level of passenger experience, thanks to wide gangways, large doors and windows, three specific areas for Silver, Family and Gold Classes. Eco-friendly, the train is equipped with a full electrical braking system, LED lighting and other innovations to reduce energy consumption.

Alstom is a dedicated and long-standing partner of Dubai’s transportation and mobility development. Alstom delivered the Dubai tramway, the first fully integrated tramway system in the Middle East and the world’s first 100% catenary-free line, which was opened in November 2014. Alstom is also in charge of the maintenance of the Dubai Tram for a period of 13 years.

The Gardens Station on Dubai Metro Route 2020

Economic Stabilization Fund Approves Lufthansa Package

May 27, 2020 / WIL BALDWIN

Deutsche Lufthansa AG has been informed by the Economic Stabilization Fund (WSF) of the Federal Republic of Germany that the WSF has approved the stabilization package for the company. The Executive Board also supports the package.

The package provides for stabilization measures and loans of up to EUR 9 billion.

The WSF will make silent participations of up to 5.7 billion euros in total in the assets of Deutsche Lufthansa AG. Of this amount, approximately EUR 4.7 billion is classified as equity in accordance with the provisions of the German Commercial Code (HGB) and IFRS. In this amount, the silent participation is unlimited in time and can be terminated by the company on a quarterly basis in whole or in part. In accordance with the agreed concept, the remuneration on the silent participations is 4% for the years 2020 and 2021, and rises in the following years to 9.5% in 2027.

Furthermore, the WSF will subscribe to shares by way of a capital increase in order to build up a 20% stake in the share capital of Deutsche Lufthansa AG. The subscription price will be 2.56 Euro per share, so that the cash contribution will amount to about 300 million Euro. The WSF may also increase its stake to 25% plus one share in the event of a takeover of the company.

In addition, in the event of non-payment of remuneration by the Company, a further portion of the silent participation is to be convertible into a further shareholding of 5% of the share capital at the earliest from 2024 and 2026 respectively. The second conversion option, however, only applies to the extent that the WSF has not previously increased its shareholding in connection with the above-mentioned takeover case. Conversion should also be possible for dilution protection. Subject to the full repayment of the silent participations by the company and a minimum sale price of EUR 2.56 per share plus an annual interest of 12%, the WSF undertakes, however, to sell its shareholding in full at the market price by 31 December 2023.

Finally, the stabilization measures are supplemented by a syndicated credit facility of up to EUR 3 billion with the participation of KfW and private banks with a term of three years. This facility is still subject to the approval of relevant bodies.

The expected conditions relate in particular to the waiver of future dividend payments and restrictions on management remuneration. In addition, two seats on the Supervisory Board are to be filled in agreement with the German government, one of which is to become a member of the Audit Committee. Except in the event of a takeover, the WSF undertakes not to exercise its voting rights at the Annual General Meeting in connection with the usual resolutions of ordinary Annual General Meetings.

The stabilization package still requires the final approval of the Management Board and the Supervisory Board of the company. Both bodies will come together shortly to adopt resolutions on the stabilization package. The capital measures are subject to the approval of an extraordinary general meeting.

Finally, the stabilization package is subject to the approval of the European Commission and any competition-related conditions.

Qantas Group ‘Fly Well’ Prepares for Travel Restriction Easing

May 19, 2020 / WIL BALDWIN

Range of measures introduced to ensure a safe travel environment and give extra peace of mind.
Masks on board, hand sanitising stations and enhanced aircraft cleaning among the improvements.
More flexibility added to bookings so people can plan with confidence.

Qantas and Jetstar will roll out a series of wellbeing improvements to give peace-of-mind in preparation for domestic travel restrictions easing.

The ‘Fly Well’ program brings together a number of temporary measures already in use by the Qantas Group, including on repatriation flights from virus hot-spots, and represents a combination of best-practice medical advice and feedback from customers.

Pre-flight

Rolling out from 12 June, the key measures at each point of the journey will be:

Information sent to all customers before they fly, so they know what to expect.
Contactless check-in (via online/app) and self-serve bag drop strongly encouraged, including use of Q Bag Tags.
Hand sanitising stations at departure gates.
Temporary changes to Qantas Lounges, including increased physical distancing, hand sanitising stations, enhanced disinfection of surfaces and adjustments to food and drink service.
Working with airports on other safeguards in the terminal, including regular disinfection of security screening points and installing hygiene screens at airline customer service desks, wherever practical.

On board

Masks provided to all passengers on each flight – while not mandatory from a safety point of view, they are recommended to be worn in the interests of everyone’s peace-of-mind.
Enhanced cleaning of aircraft with a disinfectant effective against Coronaviruses, with a focus on high contact areas – seats, seatbelts, overhead lockers, air vents and toilets.
Sanitising wipes given to all passengers to wipe down seat belts, trays and armrests themselves, if preferred.
Simplified service and catering to minimise touchpoints for crew and passengers.
Passengers asked to limit movement around cabin, once seated.
Sequenced boarding and disembarkation to minimise crowding.

In addition, the air conditioning systems of all Qantas and Jetstar aircraft are already fitted with hospital-grade HEPA filters, which remove 99.9% of all particles including viruses. Air inside the cabin is refreshed on average every five minutes during flight.

All airline employees are required to follow strict personal hygiene protocols, for the benefit of themselves and others.

All passengers are encouraged to download the Australian Government’s COVIDSafe app as part of improving the ability of health authorities to contain the spread of Coronavirus. In-line with public health advice, anyone with cold and flu like symptoms should stay at home.

Emirates to Operate Limited Passenger Flights in May

May 4, 2020 / WIL BALDWIN

Emirates is set to operate limited passenger services to Frankfurt (02, 04, 06, 09, 11, 13 May), London Heathrow (03, 05, 07, 10, 12, 14 May), Manila (3, 6, 8, 10, 13, 15, 16 May), Sao Paulo (3 May), and Shanghai (2 May). The one-way special flights will facilitate travel for residents and visitors wishing to return home.

Those who wish to travel to Shanghai must contact the embassy or consulate of the People’s Republic of China in the UAE. For all other flights, passengers can book directly on emirates.com or via their travel agent.

Only citizens of the destination countries, and those who meet the entry requirements of the destination will be allowed to board. Customers will be required to follow all health and safety measures required by the UAE authorities and the country of destination.

Similar to other repatriation flights that Emirates has operated thus far, for health and safety reasons, the airline will offer a modified inflight service that reduces contact, and the risk of infection. Magazines and print reading material will not be available. Meals on-board will be served in hygienic prepacked meal boxes, offering customers sandwiches, beverages, snacks, and desserts. A selection of hot snacks will also be served on long-haul flights.

Emirates’ Lounge and Chauffeur Drive services will be temporarily unavailable during this period and in-flight Wi-Fi service is available for purchase only. On board Emirates’ flights, seats are pre-allocated where possible with vacant seats placed between individual passengers or family groups in observance of physical distancing protocols. More information is available on emirates.com.

Cabin baggage will not be accepted on these flights. Carry-on items allowed in the cabin will be limited to laptop, handbag, briefcase or baby items. All other items have to be checked in, and Emirates will add the cabin baggage allowance to customers’ check-in baggage allowance.

Passengers are required to apply social distancing guidelines during their journey and wear their own masks when at the airport and on board the aircraft. Travellers should arrive at Dubai International airport Terminal 3 for check-in, three hours before departure. Emirates’ check-in counters will only process passengers holding confirmed bookings to the above destinations.

All Emirates aircraft will go through enhanced cleaning and disinfection processes in Dubai, after each journey.

EasyJet Founder Says Will Not Inject Fresh Equity Into Company

April 6, 2020 / WIL BALDWIN

FILE PHOTO: Easyjet founder Stelios Haji-Ioannou speaks at a media event to celebrate 20 years in business at Luton Airport

(Reuters) – Stelios Haji-Ioannou, the founder of easyJet Plc <EZJ.L>, has warned that he will not inject any fresh equity into the airline until it terminates a contract with Airbus SE <AIR.PA> for 4.5 billion pounds ($5.50 billion), according to a letter https://easy.com/wp/wp-content/uploads/2020-04-05-stelios-media-statement-on-easyjet-and-airbus-for-release-6april20-final.pdf posted on EasyGroup’s website.

In his letter, Haji-Ioannou has also called for removal of easyJet’s Chief Finaicial Officer Andrew Findlay, after earlier calling for a board meeting on a vote to remove Andreas Bierwirth as a director, which was rejected by easyJet.

“If this 4.5 billion pound liability to Airbus is preserved – and not cancelled – by the easyJet board then, I regret to report, easyJet will run out of money around August 2020, perhaps even earlier,” the founder said in his letter.

“I will certainly not be throwing good money after bad. For the avoidance of doubt, I will not inject any fresh equity in easyJet whilst the Airbus liability is in place.”

He also stated that he will continue to call for the removal of more directors every time the company delays the vote.

He also wants easyJet to reduce its fleet size to 250 aircraft from 350, adding that the airline will not need any more additional new planes for many years to come.

(Reporting by Juby Babu in Bengaluru; editing by Diane Craft)

South Korea Pension Fund Backs Korean Air Chairman

March 26, 2020 / WIL BALDWIN

SEOUL, March 26 (Reuters) – South Korea’s National Pension Service (NPS) will vote for Hanjin Group chairman Walter Cho to keep his board seat in Korean Air’s parent firm Hanjin Kal at a shareholders’ meeting on Friday, the fund said.

In a statement on Thursday, NPS said it would also approve a board seat for telecoms industry veteran Kim Shin-bae, who was nominated by Cho’s sister and an activist fund that opposed Walter Cho.

Hanjin Kal’s annual general meeting is expected to be the culmination of an intense proxy fight to decide the group’s leader.

NPS, the world’s third-largest pension fund, had a stake of 2.9% stake in Hanjin Kal by the end of 2019.

(Reporting by Joyce Lee; Editing by Clarence Fernandez)

Boeing Statement on Passage of CARES Act

March 26, 2020 / WIL BALDWIN

We thank the Administration, especially the President and Secretary Mnuchin, as well as the Senate for working together to take swift bipartisan action to support the American economy, including the 2.5 million jobs and 17,000 suppliers that Boeing, the aerospace industry and the U.S. rely on to maintain our world leadership in commercial, defense and services. The bill’s access to public and private liquidity, including loans and loan guarantees, is critical for airlines, airports, suppliers, and manufacturers to bridge to recovery.

Boeing’s top priority is to protect our workforce and support our extensive supply chain, and the CARES Act will help provide adequate measures to help address the pandemic. We have also taken a number of measures for affordability and liquidity as we navigate the challenges our industry currently faces, including forgoing pay for our CEO and board chairman, suspending our dividend until further notice, and extending our existing pause of any share repurchasing until further notice.

We appreciate the House taking swift action to support the American people.

Nikki Haley Resigns from Boeing Board over Request for Government Financial Assistance

March 20, 2020 / WIL BALDWIN

(Reuters) – Former U.N. ambassador Nikki Haley has resigned from Boeing Co’s board after opposing its bid for government financial assistance due to the crisis caused by the coronavirus outbreak.

“I cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over others and relies on taxpayers to guarantee our financial position,” Haley said in a letter to the company’s management released by Boeing on Thursday.

“I have long held strong convictions that this is not the role of government.”

Haley, a former South Carolina governor, has often been mentioned as a future presidential candidate. “The board and executive team are going in a direction I cannot support,” she wrote.

When asked to respond to Haley’s concerns, Boeing said only the company appreciated her service on the board and wished her well.

Boeing this week said it was seeking on behalf of itself and the aviation manufacturing industry at least $60 billion in government loan guarantees and other assistance. The sector faces huge losses from the coronavirus pandemic as airlines halt flights and some delay orders.

A Senate Republican proposal introduced Thursday would allow aviation manufacturing firms like Boeing to seek collateralized loans and loan guarantees from a $150 billion fund but not provide any cash. The final decision on eligibility would be up to the U.S. Treasury.

“We are not bailing out the airlines or other industries – period,” said Senator Richard Shelby, a Republican who chairs the Appropriations Committee.

To ensure the government is compensated for risks in making loans, the U.S. Treasury could seek equity, warrants stock or other instruments to ensure the government participates in any gains.

Haley’s resignation letter was dated Monday, the same day Boeing confirmed it was in talks to seek short-term assistance from the U.S. government.

Boeing has racked up nearly $19 billion in costs tied to its 737 MAX aircraft, which has been grounded for the past year after two fatal crashes in five months. The company has been working to win approval for the plane to return to service.

(Reporting by Ankit Ajmera in Bengaluru and David Shepardson in Washington and Michelle Nichols in New York; Editing by Arun Koyyur and Tom Brown)

thyssenkrupp Sells Elevator Technology Business for €17.2 Billion

March 16, 2020 / WIL BALDWIN

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

Alaska Airlines Promotes Brooke Vatheuer to Vice President of Strategic Performance at Seattle Hub

March 11, 2020 / WIL BALDWIN

Alaska Airlines, Inc.’s board of directors today elected Brooke Vatheuer to the new position of vice president strategic performance – Seattle, where she will lead the airline’s growing, hometown hub at Sea-Tac International Airport.

Vatheuer, who previously served as senior vice president of operations and planning for Horizon Air, will be a champion for Alaska’s guests and employees as it continues to grow its operations at Sea-Tac. Vatheuer will be accountable for the guest experience, operational metrics, gate space areas, ground staffing, air space management and employee engagement at Sea-Tac. The new leadership role reflects the airline’s continued focus on Seattle as a center of national and global connections for guests traveling for both business and leisure.

Vatheuer has more than a decade of experience at Alaska Airlines and Horizon Air. She started with Alaska in 2007 as an internal auditor and quickly took on new positions and leadership roles in the following years, including managing director of audit programs. In 2017, she joined Horizon Air as vice president of finance and planning where she oversaw operational performance, led strategic planning and continued to improve processes, collaboration and engagement among Horizon’s frontline employees.

“Brooke is a talented executive with a lengthy history of experience at Alaska Air Group managing people and operations,” said Gary Beck, Alaska’s executive vice president and chief operating officer. “She has an astute understanding of the airline business. Her work in audit, finance, analytics, strategic planning and as the head of operations at Horizon Air enables her to deeply appreciate the intricacies of an effective operation. Our guests can look forward to an improved experience at Sea-Tac airport.”

Vatheuer earned a bachelor’s degree in business administration from the University of Washington, as well as a master’s degree in professional accounting. She is a certified public accountant.

Alaska Airlines and its regional partners fly 47 million guests a year to more than 115 destinations with an average of 1,300 daily flights across the United States and to Mexico, Canada and Costa Rica. With Alaska and Alaska Global Partners, guests can earn and redeem miles on flights to more than 800 destinations worldwide. Alaska Airlines ranked “Highest in Customer Satisfaction Among Traditional Carriers in North America” in the J.D. Power North America Airline Satisfaction Study for 12 consecutive years from 2008 to 2019. Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).

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