Tag: receive (Page 3 of 3)

Mexico Fines Cancun Airport $3.7 Million over Taxi Monopoly

August 23, 2019 / WIL BALDWIN

MEXICO CITY, Aug 22 (Reuters) – Mexico’s competition regulator said on Thursday it fined the airport at tourist hot spot Cancun $3.7 million for blocking new taxi operators, which it said reduced competition and effectively overcharged millions of passengers.

Grupo Aeroportuario del Sureste (ASUR) , the Mexican company that runs the Cancun airport along with 15 others across Latin America, said it will challenge the ruling and the 72.5 million pesos fine.

The Federal Economic Competition Commission (Cofece) said that from 2010 to at least 2018, the airport gave mostly negative assessments to taxis wishing to operate at the Cancun airport, preventing them from receiving federal permits.

“By being the only entity that can lease and grant spaces for taxi access… (the airport) took various actions to prevent new participants from offering said service,” Cofece said in a statement.

As a result of the airport’s moves to limit the market, fares were marked up about 8% on average for several million trips.

The regulator did not name any of the taxi operators that were blocked from the Cancun airport.

($1 = 19.8203 Mexican pesos)

(Reporting by Daina Beth Solomon Editing by Leslie Adler)

China Southern Airlines to receive $4 billion capital injection

July 20, 2019 / WIL BALDWIN

SHANGHAI (Reuters) – China Southern Airlines will carry out an equity diversification plan that will involve the injection of 30 billion yuan ($4.36 billion) of capital from three investors, the firm announced on Saturday.

The Guangdong Hengjian Investment Holding Corporation, the Guangzhou Urban Construction Investment Group and the Shenzhen Penghang Equity Investment Fund will each inject 10 billion yuan into the airline, as part of the country’s efforts to diversify ownership structures among state-owned firms.

The move will significantly improve the company’s debt-to-asset ratio, generate funds for its growth and help modernize its decision-making mechanisms, the announcement said.

It will also use the funds to serve its main air transportation business, pay for construction related to China’s Belt and Road Initiative and support aviation development in cities in the southern province of Guangdong.

China Southern is one of 96 enterprises owned and administered directly by the central government. Its profits slumped nearly 50% last year as a result of rising fuel costs and a weak yuan currency.

(Reporting by David Stanway; Editing by Himani Sarkar)

Boeing Receives U.S. Navy Multiyear Contract for F/A-18

April 9, 2019 / WIL BALDWIN

ARLINGTON, Va., March. 20, 2019 – With a three-year contract award for 78 F/A-18 Block III Super Hornets, Boeing [NYSE: BA] will play a vital role in the U.S. Navy’s fleet modernization efforts.

The Block III configuration adds capability upgrades that include enhanced network capability, longer range, reduced radar signature, an advanced cockpit system and an enhanced communication system. Boeing will begin converting existing Block II Super Hornets to Block III early in the next decade. The fighter’s life also will be extended from 6,000 hours to 10,000 hours.

This new multi-year contract benefits the U.S. Navy and Boeing by allowing both to schedule future production and Navy officials estimate this multi-year model saves a minimum of $395 million on this contract valued at approximately $4 billion.

“This multiyear contract will provide significant savings for taxpayers and the U.S. Navy while providing the capacity it needs to help improve readiness,” said Dan Gillian, vice president of F/A-18 and EA-18G programs. “A multiyear contract helps the F/A-18 team seek out suppliers with a guaranteed three years of production, instead of negotiating year to year. It helps both sides with planning, and we applaud the U.S. Navy on taking the appropriate steps needed to help solve its readiness challenges.”

For more information on Defense, Space & Security, visit www.boeing.com. Follow us on Twitter: @BoeingDefense and @BoeingSpace.

Mexico Fines Cancun Airport $3.7 Million over Taxi Monopoly

China Southern Airlines to receive $4 billion capital injection

Boeing Receives U.S. Navy Multiyear Contract for F/A-18

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